£140m for ‘Olympicopolis’ campus

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Published: Tuesday 2nd December 2014 by The News Editor

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More than £140 million is to be spent on a new arts, culture and education campus in the shadow of the Olympic Stadium, the Treasury confirmed today ahead of the Autumn Statement.

The money is part of a package worth almost £350 million to London secured following lobbying by mayor Boris Johnson.

Also included is a £55 million loan agreement for the Overground extension to Barking Riverside and £150 million cash for housing revamps in four London boroughs.

But just £2 million has been offered for a business case for Crossrail 2, despite reports that more had been sought by City Hall.

Speaking in Kuala Lumpur, where he is on a regional tour, Mr Johnson said: “It is very good work by the Treasury on all the things we care about in London – great progress on the Olympicopolis scheme, the support for fantastic new cultural, academic, scientific centre in the in Olympic Park, that is great.

“The guarantee of money for Barking Riverside will mean we can build a new town the size of Windsor, even nicer possibly than Windsor in some ways.

“More support for Crossrail 2 is great for London… the amount is frankly at this stage irrelevant.

“What we are doing is developing the business case, we are still some way off the Treasury coming forward with huge sums.”

The plans have all been detailed in the National Infrastructure Plan, part of tomorrow’s Autumn Statement.

The highly-anticipated financial announcement is the Chancellor’s penultimate chance to make big announcements before next year’s election.

Under the Queen Elizabeth Olympic Park scheme, £141 million will be spent on “Olympicopolis”.

University College London (UCL) will create a new university campus to the south of the ArcelorMittal Orbit.

The University of the Arts London will establish a new campus on the Stratford Waterfront opposite the Aquatics Centre.

The Waterfront site will also house the new cultural district, with the Victoria and Albert Museum and Sadler’s Wells.

The scheme is expected to deliver 3,000 jobs and £2.8 billion of economic benefit to Stratford.

On housing, £150 million will be spent regenerating housing estates in Notting Hill, Southwark, Barnet and Tower Hamlets.

For the Overground, the Treasury has reached a heads of terms agreement to loan £55 million to part-fund the extension to Barking Riverside.

Around 10,800 new homes will follow on 443 acres of land to be released by Barking Riverside Ltd, a joint venture between the mayor and Bellway Homes.

Some £2 million has been offered to part-fund the business case for Crossrail 2, which Mr Johnson has vowed to pursue before the end of his mayoralty in 2016.

The project is intended to create a high-frequency, high-capacity line through London and into Hertfordshire and Surrey.

Published: Tuesday 2nd December 2014 by The News Editor

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