Wellcome Trust calls for full Olympic Park ownership

Mon 11th July 2011, 4:50 pm

The Wellcome Trust says it must have control of the whole Olympic Park if its proposal to create a new innovation centre on the site.

The trust has submitted a bid which would see it converting the London Olympics media centre into a new life sciences facility.

But it this week said that it would need to control the whole park to build homes, the sale of which would fund the scheme.

A statement from the trust said: “The Wellcome Trust first considered the investment potential of the Park in September 2010, when the Athletes' Village was placed for tender.

“We quickly understood that the success of that investment was dependent upon the success of the wider Olympic Park.

“Furthermore, we concluded that only by managing the Olympic Park as a single entity would the aspirations for the site be achievable.”

It said that its proposed development would stimulate major regeneration across east London and create revenues which it allow it to make charitable grants.

Initially, the Wellcome Trust would share the profits with the public sector. After that, the public sector would continue to receive some profits generated above a priority return.

The trust said that if it wins control of the site, it would retain full control, rather than selling plots to third party developers.

Its statement said: “If there is a risk, it is that collectively we miss this opportunity and that this site is seen as a simple property transaction. It is much bigger than this and, for certain, it will not come round again.”

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