INDUSTRY NEWS

Olympics media centre could costs£400m

The cost of building the London Olympics’ media centre has tripled and could reach £400 million, the Standard has reported.

The project’s preferred bidder will soon be announced and the Olympic Delivery Authority (ODA) wants construction firms to meet up to half the building costs.

Built on land owned by the London Development Agency (LDA), it is hoped the centre will become a business venue after the games – rent from the complex would then be shared between the ODA and the LDA.

The prime minister, Gordon Brown recently praised the amount of jobs the development of the Olympic Park has created.

"The job figures and the ODA employment and skills strategy published today show that the construction of the site can be the catalyst for lasting social and economic change," he said.

There have been continued criticisms of the Games’ escalating costs and concerns that once the Olympics have finished it will be difficult to reclaim their cost.

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