The RICS has intervened in a row over the land value of a number of businesses based in Stratford, East London that may be forced to move out if London wins its bid for the 2021 Olympic games in July.

The businesses, including several construction companies, face having their land placed under a compulsory purchase order from the London Development Agency should the capital get the go-ahead.

The firms have been in negotiation with the LDA about seeking compensation for their premises, which are based in Marshgate Lane, Stratford, but claim that they have not been offered suitable compensation or comparable relocation.

The LDA, however, claims that the RICS has examined the organisation’s approach to business relocation, and that it was described as ‘positive and helpful’. The LDA said: “In addition, they [the RICS] commend the LDA for doing more to help these businesses than would normally be expected in this situation.”

The LDA added that it has identified a range of potential sites in the area, which in many cases have comparable value. The LDA said: “These sites include Beckton, Dagenham, Woolwich, Leyton, and the Royal Docks.” The LDA added that all these sites have acceptable access to central London, especially given the improvements to transport infrastructure.

Source

QS News