Olympic push for East End properties |
|
|
|
Published
:
Sun, 10 Jul 2005 18:05
|
LONDON: While the terrorist attacks a day after the city was awarded the 2012 Olympics have overshadowed the euphoria by and large, there is a growing sense of optimism in the East End of the city that things may at last have started looking up.
The main change in the area is going to be a massive £11 billion investment in a rail line that would be connecting the East End with Heathrow airport. East End has the reputation of being the country's poorest areas, but the Olympics could end up pushing it to the forefront as the economy stands to gain from the event.
Starting 2007, a Channel Tunnel high-speed rail link will connect this area to Paris and the athletes' apartments that would be vacant after the Games will be put up for sale and will no doubt attract large business interests. Analysts are already predicting a 15 percent rise in housing properties in the area in the near future. Administrators are hoping that the Games will boost the upkeep of the ill-kept secondary schools in the area.
The Games are also set to benefit the job market with the expected creation of 12,000 permanent jobs. However, analysts are a bit cautious in this regard as they are not sure if Britain has enough skilled labour to meet the demand. Taxpayers will be poorer by £20 a year as a direct result of the Games. As expected the tourism industry will boom as the Games approach and this would benefit Hotel chains, restaurants and eateries in general. Transport companies are also looking at restructuring towards the Games period to rake in optimum profits.
Obviously, the legacy of the Games will be important as well. The impact that the event would have on the youth of the country is an important point that would have been taken into account by the bidding team. They expect that the Games would leave a lasting impression on young minds.
|
|
|
|
|
|
Print this Story
