INDUSTRY NEWS

Olympic media centre millions over budget

The London 2012 Games’ media centre could be as much as £90 million over budget, a source close to its development has said.

It is also possible more parts of its construction will be made temporary as part of a value-engineering of the build.

Contractor Carillion, developer Igloo and the Olympic Development Agency are said to be considering the changes.

“If it were built as envisaged, it could be about £80-90m over,” industry publication Building reported a source familiar with developments said.

The London Olympics has already struggled with increased costs. The Olympic stadium has exceeded its budget and the planned aquatics centre will now cost £303 million, from an original price of £77 million.

Building reported the source said the public will be faced with a further overrun, as the Olympic village is now close to £400 million over budget.

It is hoped commercial property developed for the games will be sold to recoup costs once the competition has ended.ADNFCR-1329-ID-18735339-ADNFCR

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