A unique example of where a public sector entity has been able to successfully integrate quality placemaking with a ground-breaking value capture strategy

In 2009, our Development Consultancy team was appointed as the commercial real estate advisor to the newly created Olympic Park Legacy Company (OPLC) and from 2012 its successor body, the London Legacy Development Corporation (LLDC). Our roles included establishing a commercial strategy for the Queen Elizabeth Olympic Park estate that would:

a) Ensure that the quality of design and placemaking on the park would set the highest possible benchmarks to create a new estate within London; and

b) Capture the value created by the public sector investment required to deliver a place of such quality.

To achieve this, Deloitte has worked closely with OPDC and LLDC to:

• Create a financial model covering the development proposed on the estate. This was used to establish guidance that set key development principles such as the overall scale of development, design standards, mix of uses, location of post-games transformation infrastructure and programme phasing.

• Provide the market-based insight required to inform the nature of development (for example land uses, size and nature of residential and commercial accommodation) across the estate.

• Establish a development control strategy for the park. This used a combination of town planning, design codes and appropriate transaction structures to ensure that selected development partners deliver buildings to standards set by LLDC and its predecessors.

• Design the transaction structures required to ensure quality of delivery on the various development platforms while also optimising long term value capture for the taxpayer. Using these structures, Deloitte acted as LLDC’s agent and secured development partners for Chobham Manor and Eastwick & Sweetwater.

This process illustrates a unique example of where a public sector entity has been able to successfully integrate quality placemaking with a ground-breaking value capture strategy that has delivered the standard of places and infrastructure investment seen on the QEOP today.

“Thanks to you all for your help on Legacy. You were essential and invaluable to our efforts. I could always rely on you with total trust and confidence that you would deliver to the highest professional standards and most importantly, would always give us your total commitment to meet our needs at a moment’s notice (however unreasonable!).” Andrew Altman. CEO, LLDC (2009-2012).