The legacy of the Olympic Games in London is set to live on after plans for a potential university campus were given the go-ahead by London Borough of Newham Council (LBN).

University College London (UCL) wants to build a £1 billion new facility within the Stratford area just a stone's throw from the Olympic Park. The institute is looking to bring together science, technology and education to the heart of the former Games site, providing not only a boost to the students that attend the capital's university but also to the local community and the construction industry. Officials stated that the project could create around 1,000 jobs by its completion date.

The university said it now plans to work with LBN and will be holding talks with key residents and members of the community over the proposals. This activity will be stepped up significantly over 2013 with a view to having a formal contract in place before the end of the next year; it will mean that both parties can have the project on track for a potential construction start date of 2016.

Officials at UCL believe that the site can provide an integral part of the institute's workings, bringing together researching and teaching activities. The university is also looking to become a hub for business collaboration and residential accommodation as well as improving the amount of opportunities for education within the Newham area.

Malcolm Grant, UCL provost, said: "UCL Stratford represents a truly long-term commitment by both organisations. UCL is a world-leading institution, but our plans for growth are currently limited by our central London location, so we need suitable space to support the development of world class teaching and research."

Since the closing ceremony of the Olympic Games in August, prime minister David Cameron has been keen on stressing the importance of developing a lasting legacy following the events, and this move by UCL could be seen as a potential starting point for the area.

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