INDUSTRY NEWS

Johnson praises Westfield’s Olympic scheme

Mayor Boris Johnson has praised developer Westfield’s Olympic regeneration scheme.

Mr Johnson visited the Stratford City project in east London, located next to the site that will feature the 2012 games, Property Week has reported.

He said the development is “setting the pace for the transformation of east London” and described it as “one of the most important legacies of the 2012 Olympics”.

“It will create 18,000 jobs and, as a result of Westfield’s investment, have some of the most modern additions to London’s public transport infrastructure.”

The Stratford City centre will cost £1.45 billion and along with a separate retail project will create 25,000 new jobs, Westfield’s’ managing director of UK and Europe claimed.

The success of property developed for the Olympics will rely on the commercial property market and international economic situation, at the time of its sale.

Currently investors and builders are cautious, some preferring to keep their cash until market conditions improve.ADNFCR-1329-ID-18760619-ADNFCR

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