Queen Leads the Olympic Rental Gold Rush

Queen Leads the Olympic Rental Gold Rush

9:57 AM, 19th January 2012, About 12 years ago

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The Queen is leading the Olympic rental gold rush by letting out part of the grounds of Kensington Palace to the Russians.

Westminster Council is considering an application for a hospitality village on the site – and the Queen will bank a £250,000 deposit plus an undisclosed rental.

The application includes details of an area for VVIPs – very, very important persons.

After a civil list funding cut of £6 million, the Russian deal is seen as one way of making up lost revenue for the Queen.

Elsewhere in London, householders in East London around the main Olympic Stadium are advertising double rooms at an average £175 for the duration of the games – which start in July and run for around eight weeks, including the Paralympics.

Hotels are quickly selling out of rooms, while media companies are seeking larger homes as technology bases for their coverage.

Some homes are reportedly picking up huge rents – with the owners of one seven-bedroom detached house 10 minutes away from the stadium reputedly pocketing around £25,000 from a Danish TV company. Another in the south west suburbs is rumoured to be let for £28,000.

Many lucky homeowners are vacating their homes for the games and jetting off on holiday to escape the crush.

More than 2,500 homeowners in and around London have registered with web site Crashpadder.com to offer a spare room to tourists and sports fans in the capital for the games.

Chief executive Stephen Rapoport, said: “We have seen hotels significantly inflate their prices ahead of the Olympics, which creates an opportunity for savvy Londoners to cash in.

“It’s fantastic to see Londoners opening their homes to welcome visitors to the UK. I hope we can demonstrate to the world what a friendly, hospitable nation we are.”

Among them is former England football international Sol Campbell, who is looking for £75,000 a week rent for his luxurious Central London home during the Olympics.

Meanwhile, homeowners need to guard against breaking the law by letting their homes – some councils are enforcing a little-known bye-law that bans Londoners letting their homes without planning permission.

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