HERE EAST AND LONDON LEGACY DEVELOPMENT CORPORATION COMPLETE LEASE FOR CREATIVE AND DIGITAL CLUSTER

Here East and the London Legacy Development Corporation (LLDC) have today completed the lease agreement to develop a world-leading creative and digital cluster at the heart of Queen Elizabeth Olympic Park.

The agreement represents a major milestone in securing an economic and social legacy from London 2012. Here East will be the significant generator of employment, training and education opportunities across the Park, creating over 7,500 jobs. This includes 5,300 directly on-site and a further 2,200 in the local community through the impact of using local supply chains and new business generation.

Here East recently announced that it will be London’s home for making. The unique cluster will provide 1.2 million square feet of space, providing a dedicated place where small, creative businesses co-exist and collaborate with large, established companies seeking to become more creative. They will be supported by some of the most advanced digital infrastructure in the world, with almost unlimited bandwidth connectivity and the highest capacity power.

The company’s plans were recently approved by LLDC’s planning committee. Here East has selected its preferred contractor, Laing O’Rourke, and transformation works on the buildings are expected to begin in August 2014. An additional 2,100 jobs will be generated during the construction phase, while key tenants Loughborough University, Hackney Community College and Infinity SDC will locate at Here East from 2015.

Commenting, Gavin Poole, CEO of Here East, said: "We are delighted to have finalised the agreement to deliver a world-class digital cluster for London and the world’s most creative companies.

"Employment and education have been central to our vision since day one, and today’s agreement moves us closer to delivering thousands of jobs, education and training opportunities for local people."

Jamie Ritblat, Founder & CEO of Delancey, commented: "Today’s agreement is hugely significant for the delivery of an Olympic legacy with employment, innovation and enterprise at its heart. Through both Here East and East Village, Delancey is proud to be continuing to invest in the future of London and the UK, supporting new communities and new destinations, and championing east London’s young and rapidly expanding creative community."

Dennis Hone, Chief Executive of LLDC, said: "Today is the culmination of years of hard work to deliver a long term legacy for the Press and Broadcast Centres. It is a giant step towards creating a world-leading creative and digital cluster in the heart of Queen Elizabeth Olympic Park.

"Following the successful opening of the south of the Park last month, we are well on our way to creating a new heart of east London - bringing jobs, skills and training opportunities to local people."

As part of its commitment to be London’s home for Making, Here East will host the flagship Maker Faire in summer 2015. It will be the first flagship Maker Faire take place outside of the United States and demonstrates the strength of the cluster’s unique offer to the creative, digital and TMT industries. The maker movement in east London has grown rapidly in recent years, with companies including Sugru, Technology Will Save Us, Makie and BERG leading the way in creating innovative products and transforming the way these products are delivered to market.

Key tenants Loughborough University, Hackney Community College and Infinity SDC will locate at Here East from 2015, and the entire Here East area will be fully operational by 2018. BT Sport is already broadcasting live directly from Here East with a state of the art 80,000 square foot production hub, underpinning the development and demonstrating the attractiveness of Here East to the technology, media and creative sector.

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