Plans to transform the Olympic Press and Broadcast Centres have taken a major step forward after a deal was reached between iCITY and the London Legacy Development Corporation (LLDC).

The new operator of the site agreed to a 200-year lease of the facility which was built by Carillion in 2012 in time for the start of the Olympic Games. iCITY stated that it will now spend £100 million converting the buildings into a creative and digital hub for east London. Announcing the deal, the company said that it will do its utmost to ensure that local contractors benefit from the supply chain opportunities that come with this development.

Officials explained that the new agreement secures the long-term future of the site and will be home to Loughborough University in London. The institute has already praised the decision giving it a foothold in the English capital which will see it attract students for full- and part-time postgraduate and executive courses from the UK and overseas.

Plans for the revamped site feature three main buildings which comprise of a 300,000 sq ft innovation centre, 750-seat auditorium and a 670,000 sq ft structure that will be home to education space, broadcast studios, office space as well as a state-of-the-art data centre.

Alongside the university, over 40 per cent has already been pre-let with tenants such as BT Sport signed up. The telecommunications company recently announced that it would be screening live Premier League football over the next year, taking over a deal last held by ESPN. The plan is to provide extra competition to BSkyB which currently dominates the live sports market.

Speaking about the development, mayor of London Boris Johnson said: “It’s absolutely fantastic news that the final piece of the Olympic venues jigsaw puzzle has now been firmly put in place. With the future of eight out of eight permanent venues secure, London has well and truly delivered on what is a hugely important part of the Olympic legacy story."

Work on the project is set to begin in 2014.

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