London’s Olympic Park Has Lost 75% in Value, Sunday Times Says
London’s Olympic Park had lost 75 percent of its value by the time of a valuation in 2009, raising doubts over plans to sell it for as much as 2 billion pounds ($3.1 billion) after this year’s summer games, the Sunday Times reported.
The park, which contains the Olympic stadium, an aquatic centre and 250 acres of parkland and was bought for more than 750 million pounds, was valued at 138 million pounds if sold to one developer and 157 million pounds if sold in lots, according to the report by Jones Lang LaSalle quoted by the newspaper.
Former London Mayor Ken Livingstone had said the park would be worth from 1 billion to 2 billion pounds after the games, when it would be sold to pay back debts to the National Lottery and the government.
The London Games start July 27.
Editor:
To contact the reporter on this story: Jason Webb in London at jwebb25@bloomberg.net.
To contact the editor responsible for this story: Dick Schumacher in London at dschumacher@bloomberg.net
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