The Olympic legacy of London 2012 for Stratford
A new report highlights the post-Olympic legacy of Stratford, home to the London 2012 Olympic and Paralympic Games.
To prepare for the Olympics, Stratford underwent a transformation in its infrastructure, even getting its very own postcode, E20, described by style magazine Vogue as ‘London’s hippest postcode.’
Telford Homes, the biggest developer in this area with over 1,000 apartments either recently completed or currently under construction, has presented details of the changes to Stratford in a new report outlining Stratford’s post-Olympic legacy.
It found that the transformation undergone in preparation for the Olympics means Stratford has become a magnet for new businesses, educational facilities, tech hubs and sports and leisure attractions.
Presenting the statistics that show the big changes in the area, Telford Homes found:-
- According to the Department for Culture Media & Sport there will be £41b in economic growth generated by the Olympics by 2020 across the UK
- The ONS found a 40% increase in start-ups across Newham Borough between 2010 and 2014
- GLA estimates a 56% increase in population, equivalent to 10,000 new residents from the end of 2011 to the end of 2015
- Data from the Land Registry shows a 64% increase in house prices between 2012 and the end of 2015
- EGI data shows that 3,923 new homes have been built between 2012 and 2015 making it one of London’s largest regeneration sites
House prices
The Land Registry data reveals that between 2012 and 2016, average house prices went up by 46% in London overall, from £396,758 to £579,434 but in Stratford the rise was higher, albeit from a lower base, up 64% from £230,614 to £379,309. Rental values are also on the rise making Stratford and Newham more attractive to buy-to-let investors.
Environmental benefits
However, it is not just through big numbers that the Olympics benefitted the area. In preparation for the Games, environmental benefits included over two million cubic metres of contaminated soil being excavated and cleaned and 98% of demolition waste from demolished buildings was recycled.
New homes
Over 2,800 flats have been converted from previous use in what was the Olympic village and planning permission has been granted for 6,800 homes at Queen Elizabeth Park.
Employment
As well as almost 10,000 local people being employed temporarily directly either by the London Organising Committee of the Olympic and Paralympic Games (LOCOG) or their contractors or indirectly, 10,000 permanent new jobs have been created at Westfield Stratford City shopping centre, including 2,000 for local people who were previously unemployed.
New facilities
The biggest change has been the opening of the 342-retailer Westfield site which generates 45.5m customer visits annually. After the Games finished in 2012, the Olympic Park began its own transformation into the Queen Elizabeth Olympic Park which is home to new property developments, shops, schools and cultural and sporting venues as well as Here East, a campus for creative businesses and The International Quarter, a large commercial space.
Jon Di Stefano, Telford Homes chief executive said: “The legacy created as a result of the Games and the ongoing regeneration, means that Stratford continues to be an area where people want to both buy and rent.
“The continuing evolution of Stratford has resulted in an increase in the number of high-profile commercial operators and tenants moving into Stratford City.”
Telford Homes have also been involved in the construction of over 1,500 new homes in the area spread over six different developments.