Posts Tagged ‘London Olympic park loses 75% book value: Londoners wince’
London Olympic park loses 75% book value: Londoners wince
THE London Olympics are coming and The Olympic Park is looking like a bad investment. The 500-acre site was to be sold off for between £1billion and £2billion after the Games.
Only the land is now worth just £157m if it was sold in lots and £138 as a big lump. Surely 250-acres of parkland, the Olympic Stadium and the Aquatics Centre, which includes two 50m swimming pools and a diving pool, is worth more than that? How much more? Well, the land was bought with public money – £750m of it.
This low valuation by Jones Lang LaSalle is not pretty. How is the Government going to pay £675m to the lottery and £230m to the Greater London Authority without the money from the sale of the Olympic Park?
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