Ikea in running to build homes next to stadium

Swedish furniture giant Ikea is close to a deal to buy a vast site next to the Olympic Park that would rival the athletes' village and boost the legacy of the Games area.

The firm plans to create a 30-acre development of housing, offices and shops - but not one of its furniture stores - to the south of the Olympic Park and with yards of the stadium.

The housing would be the first UK residential project for the firm, an established housebuilder in Europe via its property arm LandProp. According to Property website Costar, the project would comprise 1.3 million square feet of five- to 10-storey residential blocks with a 20-storey landmark building.

It would be a serious rival to the 2900-unit athletes' village, which will be used after the Games for private sale/rent and social housing.

Ikea is close to acquiring the land, principally from the City Hall and Government-owned Olympic Park Legacy Company.