ECONOMY

Olympic site auctioned

The consortium made up of construction companies J&P Avax, GEK, Vioter and Corfu Waterpark has been announced as the winning bidder for the commercial development of the former canoe and kayak slalom venue at the former Athens airport site at Hellenikon. The winning consortium was the only remaining bidder after the bid from the Audio Visual – Allou Fun Park consortium was deemed «technically insufficient» by Olympic Properties SA, the company set up to manage the sites used for the Athens 2004 Olympics, with the exception of the main Olympic complex and the Peace and Friendship indoor arena. The winning consortium will lease the canoe and kayak site for 30 years, with the express undertaking, a request made by international sports authorities, to allow it to be used as a sports venue during certain periods each year. The consortium’s original bid included a first-year rent of -3,120,000. Following negotiations with Olympic Properties, this was raised to -3.5 million. The rent is to increase each year, reaching -4,618,176 after the 15th year, in constant 2006 prices. The total amount to be paid to Olympic Properties is -129,799,594. The state will be relieved of maintenance costs that reached -2,629,614 last year. With this bid, four former Olympic installations have been turned over to private developers and three more bids – for the beach volleyball and tae kwon do sites as well as the sailing center at Aghios Cosmas – are under way. The four concluded bids have secured for Olympic Properties, and, by extension, the state, revenues reaching -661,047,945. The annual rents will start from -14,360,000 and will reach -18,947,715, in constant 2006 prices in 15 years. The annual cost of maintenance for these sites totaled -9,215,037 last year.