Ralph Luck OBE, Director of Property of the Olympic Delivery Authority
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Ralph Luck OBE, Director of Property of the Olympic Delivery Authority

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Presentation by Ralph Luck OBE, Director of Property Olympic Delivery Authority on Stimulating Investment Growth & Supporting Recovery in the Global Property Market and Wider Economy. Delivered at the ...

Presentation by Ralph Luck OBE, Director of Property Olympic Delivery Authority on Stimulating Investment Growth & Supporting Recovery in the Global Property Market and Wider Economy. Delivered at the UNECE Working Part on Land Administration in London on 11 October 2012. Event hosted by HM Land Registry: http://www.landregistry.gov.uk/announcements/2012/unece-conference-2012

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    Ralph Luck OBE, Director of Property of the Olympic Delivery Authority Ralph Luck OBE, Director of Property of the Olympic Delivery Authority Presentation Transcript

    • UNECE Conference 2012 Stimulating Investment Growth & Supporting Recovery in the GlobalProperty Market and Wider Economy Ralph Luck OBE, Director of Property Olympic Delivery Authority 11 October 2012
    • Olympic Closing Ceremony
    • Stimulating Investment & Regeneration• Closing ceremonies, business closures and financial meltdown are not the end of the world - life goes on• Physical and economic regeneration go hand in hand• Public investment in public owned land is not enough• Private sector investment by either debt or equity is required• In all cases quickly establishing a sound title and title information is fundamental• Historically local authority land searches and registering/changing title have been time consuming• In recent times Land Registry has improved dramatically• Two real time fixed date examples
    • Millennium Dome (O2)
    • Greenwich Peninsula
    • Planning Consent• 20,000 seat multi-event arena and 66,000sq.m of retail and leisure facilities in the Dome• 13,500 homes including 30% affordable (31,000 residents)• 375,000sq.m of commercial offices and ancillary retail• 600 bed hotel and bathroom• 20,000sq.m of Food and Non-Food retail• 9000sq.m Cinema• 12,000sq.m of Employment Space• 20 hectares of Open Space• Primary and Secondary Schools• Health Centre
    • Approved Masterplan
    • Contact with Land Registry• Initial telephone inquiry from Land Registry in 1998 prompted dialogue• Historically little development activity in London Borough of Greenwich (now Royal Borough of Greenwich)• Regeneration provided by activity of English Partnerships (EP)• Voluntary and compulsory acquisitions• Land disposals• Development disposals• Wider regeneration at Woolwich Arsenal, Ferrier Estate Kidbrooke (involving EP and Homes and Communities Agency• Others by the private sector
    • Offices and University Buildings adjacent to the Dome
    • 5 Gold Rings from Opening Ceremony
    • Acquisition of the Olympic Site• 850 acres (345 hectares)• 2756 Land interests• 1313 Freehold interests• 1443 Leasehold interests• 20+ Statutory undertakers• 4 Local authorities
    • The Olympic and Legacy CPO• 2 traveller/gypsy sites• 284 Operational businesses• Over 250 residential occupiers• Open space/common land• 3 Religious organisations• Crown land• Utilities• Allotments• 3 bus depots• Railway infrastructure changes• Stratford City development site
    • Timeline• July 2005 – IOC selects London for 2012 Games• November 2005 – CPO made by the London Development Agency. 450 objections lodged• May-August 2006 – Public Inquiry (83 parties attend)• December 2006 – Secretary of State confirms CPO• January 2007 – First Notice to Treat served• February 2007 – High Court challenges lodged• Spring 2007 – Series of GVDs executed• July 2007 – Vacant possession secured
    • Westfield Masterplan
    • Stratford City Area Area (sq. metres)• Retail (300 stores & 70 bars and restaurants) 176,500• Commercial offices 465,000• Residential (5000 apartments) 460,000• Hotels (3) 121,000• Leisure (Cinema, Casino & Bowling Alley) 36,500• Community Facilities 5,486• Health Care 3,302• Parking (5000 spaces) 157,950 TOTAL 1,425,738
    • Investment and Jobs Secured• Westfield £1.45bn• 50% sold for £0.8715m to The Canada Pension Plan Investment Board and Algemene Pensione Group• ODA £5.6bn in Park and Transport Upgrades £1.1bn in Village ( of which £0.835bn plus Overage and Profit Shares is being recovered)• Westfield construction jobs 28,000 Westfield permanent jobs in Shopping Centre is 18,000• ODA construction jobs - 46,000