iCITY Completes £1bn Olympic Tech Hub Deal

iCITY has signed off on its deal with the London Legacy Development Corporation to secure the long-term future of the former Olympic Broadcast and Press Centres at the Queen Elizabeth Olympic Park.

The agreement brings the total investment to transform the facilities into a creative and technology hub to over £1 billion, with iCITY being named as the preferred bidder last year. The figure takes into account the construction and transformation cost, as well as the investment of tenants and the Infinity data centre clients.

It was promised the hub will help regenerate the east end of London by creating 4,500 jobs for local people and 2,000 further jobs in the surrounding areas, as well as generating up to £450 million for the national GDP.

Olympic legacy

iCITY will take full control of the buildings in early 2014, although BT Sport will move into its broadcast centre this summer, and it will also host one of the largest and most efficient data centres in Europe.

The facility is 40 percent pre-let, with other confirmed tenants including Loughborough University and Hackney Community College, something that Mayor of London Boris Johnson called a “stunning, stunning achievement.”

Speaking at the announcement in East London, the mayor said that the deal meant that the future of all eight permanent venues at the Olympic Park have been secured, something “that many people thought would never happen.”

He added that it showed the sceptics were wrong about the Olympics and were wrong about the legacy, suggesting that they would put “their white flags up soon.”

Technology hub

“It’s absolutely fantastic news that the final piece of the Olympic venues jigsaw puzzle has now been firmly put in place,” he declared. “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.”

Johnson claimed it would encourage local people to seek professions in the local centre and suggested iCITY, along with Tech City, could potentially produce a UK Amazon, Google or Facebook.

“What we have delivered is exactly what was put forward in 2004 when the bid was being put together,” said Gavin Poole, CEO of iCITY.

“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.

“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.”

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