Furious developers and investors were weighing up their options this week after discovering that their land had been included in the compulsory purchase order for the 2012 Olympic Park.
The CPO, published by the London Development Agency on 17 November, covers 838 acres of east London and affects 2,000 landowners.
LaSalle Investment Management national director Ian Culwick, who represents Coal Pension Properties on two industrial estates in the area of around 85,000 sq ft in total, said:
“It really had not been clear to us that our sites would be included, as they lie on the periphery of the Olympics zone in Bow. We will be objecting.”
A spokesperson for Telford Homes, which is planning a 249-home scheme on Warton Road, said the CPO notice had come as a shock, but added:
“We have received assurances that, as the site is not part of the Olympic development, the CPO will be withdrawn when infrastructure planning is complete.”
A source close to the Stratford City Development Partnership said developers were angry that projects would be delayed by the LDA’s “unnecessary blanket approach”.
Following 11th-hour talks, the CPO excluded the 40-acre first phase of the partnership’s 170-acre Stratford City.
Self-storage group Big Yellow and fund manager Hermes, which both own warehousing in the area, said they were “reviewing their options”.
Other developers were left confused. Great Portland Estates was named in the CPO as a part owner in around 500,000 sq ft of land and roads.
But chief executive Toby Courtauld said: “We think this is a mistake and that this is not our land, although if they want to give us money for it, then fine.”
An LDA spokesperson confirmed: “We have had some calls from surprised parties.”
Other developers and investors mentioned in the CPO include Workspace, Topland Estates, and Kesslers International, which owns the 30-acre Carpenters Business Park.
The LDA is the area’s biggest landowner, with sole ownership or options on around 2.6m sq ft.
References: EGi News 28/11/05
