London’s Olympic Village faces £432m fire safety bill after new defects uncovered
- 3 days ago
- 1 min read
London’s former Olympic Village is facing a £432m fire safety bill after new defects were uncovered, its management company has said.
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East Village Management Limited (EVML) has raised its provision for fire safety remediation to £432.7m, up from £95.3m in 2023, according to its newly published accounts for 2023-24. EVML is responsible for fire safety and managing the common areas of the former athletes’ village in Stratford, east London.
The company said the funding was needed after surveys found fire safety defects within the internal fabric of the buildings.
EVML noted that, under the Building Safety Act 2022, the company would be unable to recover the costs of the fire safety fixes through the service charge to residents. However, the company’s directors have identified “alternative routes” by which they expect the funds can be raised “as and when they are needed”. Recovery would be made from third parties, including the original developer, freeholders, other landlords and potentially also the contractors.
The original developer, Stratford Village Development Partnership, is a subsidiary of build-to-rent operator Get Living, which has assets of more than £2.6bn.
Rick de Blaby, chief executive of Get Living, said internal wall issues created risks that “fire could spread from one apartment to another”.
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