iCITY has signed its deal with the London Legacy Development Corporation for the long-term future of the former Press and Broadcast Centres on Queen Elizabeth Olympic Park. This agreement takes total investment on the Press and Broadcast Centres to over £1 billion.
This includes investment from:
• London 2012 construction costs: £297 million (approx. €352 million)
• iCITY transformation costs: over £100 million (approx. €118.5 million)
• Infinity clients: c. £500 million (approx. €592 million)
• Secured tenants: £270 million (approx. €320 million)
iCITY will help to regenerate east London by establishing a leading creative and digital hub. It will create over 4,500 jobs on site, with an expected additional 2,000 jobs in the local area. iCITY has made a commitment to work with its tenants to provide employment and training opportunities for the local community, and to ensure local companies benefit from the supply chain opportunities.
Making a significant contribution to stimulating long-term economic growth, iCITY will add over £450 million in GDP to the national economy through job creation. This will include an estimated £340 million contribution to the local economy.
iCITY will design a world-leading hub for the creative and digital industries, promoting collaboration and innovation between academic institutions, start-up businesses and established global companies.
Gavin Poole, CEO of iCITY, said: “We are delighted that iCITY has reached this milestone and that the future of the former Press and Broadcast Centres is secure. This billion pound investment provides significant jobs, training and education opportunities and is central to the ongoing regeneration of East London.
“iCITY is at the heart of the economic and social legacy from London 2012. It will provide much needed infrastructure, commercial space and capacity for the digital and creative industries, the UK’s fastest growing sectors of the economy, as well as much needed studio space in London. These buildings present an incredible opportunity to the creative and media sector enjoying unrivalled connectivity and power.”
Mayor of London, Boris Johnson, said: “It’s absolutely fantastic news that the final piece of the Olympic venues jigsaw puzzle has now been firmly put in place. With the future of eight out of eight permanent venues secure, London has well and truly delivered on what is a hugely important part of the Olympic legacy story. iCITY is the final jewel in the crown of Queen Elizabeth Olympic Park and as a world class digital hub that will employ thousands of people I’m delighted to welcome them on board.”
Dennis Hone, Chief Executive of the London Legacy Development Corporation, said: “We said we’d transform wasteland in east London into one of Europe’s largest parks filled with award-winning sports venues that people will love, and we delivered. We said from the very beginning there would be no white elephants on the Park - and we’ve kept our promise. Now, by securing high quality tenants in the tech and education sectors, we will be providing thousands of jobs – and we remain firmly on track to deliver a meaningful physical and social legacy for Londoners.”
iCITY is expected to take possession of the buildings in early 2014, subject to planning permission and will begin transformation works to develop the buildings into a world-leading hub for the digital and creative industries. It will bring together academic institutions, start-up businesses, established global companies, investors and social enterprises, together in one space, to promote collaboration and innovation.