An Olympic Legacy Lasting Or Leasting? 2–3

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An Olympic Legacy Lasting or Leasting? 2–3

London 2012 had an aim to ‘inspire The Wembley venues showed a 99% Olympic venues An Olympic Legacy a generation’ of sports people, it also uplift. This area has also been the setting 14 wanted to leave a legacy and help drive for one of the country’s largest regeneration 1 Olympic Park, London wider regeneration. The question is: projects with an entirely new neighbourhood Lasting or Leasting? 2 City of Coventry Stadium, Coventry did the Olympic legacy seep through to the being created around the stadium (Wembley residential property market and if so, was Park). One-third of the total development 3 ExCel, London 8 it a lasting legacy? With this in mind, we is now completed after seven years of With Rio 2016 just around the 4 Millennium Stadium, Cardiff corner, we thought it an have examined the performance of the building work, although this has not been housing market in the areas surrounding an Olympics-led project per se. 5 North Greenwich, London appropriate time to look back at the 20 Olympic venues since the Olympic 6 Old Trafford, Manchester London 2012 to see whether the torch left London in 2012. We found in The three other London sites which make Olympics had a long and lasting most cases price growth in these areas the top ten—ExCel, North Greenwich and 7 Royal Artillery Barracks, London outperformed the wider area, by an average Woolwich Barracks—have all experienced 8 St James’s Park, Newcastle impact on residential property 29%, suggesting that there has been a redevelopment projects of varying scales prices and growth. We found lasting Olympic benefit. over the last decade; North Greenwich and 9 Wembley Arena, London 6 that in most cases house price ExCel are both earmarked for growth as 10 Wembley Stadium, London The areas that performed best all old ‘docklands’ areas, and the Woolwich growth outperformed the wider 11 Earls Court experienced some form of formal or informal Royal Arsenal, one of the focal points for house price growth, with an regeneration. New sites in Stratford, redevelopment in the Thames Gateway zone, 12 Eton Dorney which saw an uplift of around 10%, have has had much redevelopment of its historic average 29% uplift. 13 Hadleigh Farm, Castle Point, Essex experienced Olympics-related regeneration surroundings for both residences and 2 including new residences, shopping, and commercial use over the past decade. 14 Hampden Park, Glasgow Average uplift across all twenty leisure facilities. These were built in and 15 Hampton Court Palace venues examined around the Olympic Village specifically The areas with little noticeable uplift such as for the Olympics or included within the Hyde Park, Lords Cricket Ground, Horse 16 Horse Guards Parade Olympic regeneration programme. Guards Parade, Eton Dorney and Hampton 17 Hyde Park 4 Court Palace were already fully-established 29% Further sites, including Millennium Stadium neighbourhoods with pre-existing strong and 18 Lee Valley, Hertfordshire in Cardiff which showed a 59% uplift in house thriving housing markets and therefore little 19 Lords Cricket Ground price growth since 2012, have seen an opportunity for further uplift. Highest uplift was around the two ongoing regeneration effort for some time. 20 Weymouth & Portland 20 Wembley venues: Wembley Arena This includes the initial building of the The London 2012 Olympics promised a and Wembley Stadium stadium in 1999 and continues today, with a lasting impact on the people and places 2.4m sq ft development scheme is planned. where the games would be held. Our research has shown that several years on, we are still witnessing a lasting legacy 99% in the residential built environment.

The top ten winners, averaging an uplift of 37%

18 1. Wembley Arena 6. ExCel London London 99% 19%

2. Wembley Stadium 7. North Greenwich London London 10 9 LONDON 13 % % 1 99 16 19 3. Millennium Stadium 8. Royal Artillery Barracks 17 16 3 12 11 5 Cardiff London 7 59% 13%

4. Old Trafford 9. Olympic Park Manchester London 15 29% 10%

5. St James’s Park 10. City of Coventry Stadium Newcastle Coventry 23% 5% Contacts Jennet Siebrits Leslie Schroeder Head of Residential Research Associate Director +44 20 7182 2066 +44 20 7182 3551 [email protected] [email protected]

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