06 Feb How the Olympics affected Property Development Schemes in East London
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Michael Dean, principal at Avamore Capital, for Development Finance Today – ‘The change in perceptions of east London from the Olympics has helped shape its destiny and, as a result, seen a big increase in development across the city.
“Significant investment in infrastructure, combined with public and private investment around the Stratford area (eg Westfield) has shifted the centre of gravity of London eastwards.
“With proportionally the most available development land relative to the rest of the city, east London has always had the potential to see a big increase in development.
“However, previously capital values per sq ft were insufficient to justify large-scale development projects.”
However, Michael did point out that it hasn’t just been the Olympics that has kick-started London’s development.
“…The Olympics is responsible only for a small part of the wider London development market’s recent performance and one would say that undersupply of existing properties, capital flight from abroad, a booming local economy and the emergence of the London tech scene have had a much greater impact.”