The Olympics

The Olympics


News, information and stories about the Olympic Games.

Wednesday, 21 December 2005

Progress On Olympic Site

Ken Livingstone, Mayor of London, had some success in trying to clear a 500-acre industrial site for the London Olympics in 2012.

Sortex, a Swiss manufacturer of industrial sorting machines, has agreed a compensation package with the London Development Agency (LDA), which handles property deals for the Mayor.

The official announcement, which will be made in 2006, will put pressure on the other 280 businesses to settle with the LDA.

The LDA will pay Sortex to leave its premises at Lower Lea Valley in Stratford, east London; for a plot at Royal Albert Docks near City airport in the Docklands.

The company hopes to complete the move before October 2007.

The LDA recently increased its budget for relocating the businesses to £1BN, after complaints their valuations were too low and there was a scarcity of alternative sites nearby.

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