Owners rush to rent out homes during Olympics

London Evening Standard/London

An installation entitled ‘RUN’ by Italian artist Monica Bonvicini is installed at the plaza of the Copper Box, the London 2012 handball venue, in the Olympic Park in London. The three nine-metre tall letters of RUN will be the largest standalone artwork on the Olympic Park and forms part of the Olympic Delivery Authority (ODA’s) ‘Art in the Park’ programme

Londoners have begun an extraordinary Olympic property “gold rush” — led by ex-England footballer Sol Campbell.The Standard revealed that the former Spurs and Arsenal defender is renting out his Chelsea townhouse for £75,000 a week — four times its value — during the Games.Campbell’s five-storey property in Cheyne Walk is the most expensive short-term rental on the London market during the Olympics. He is one of thousands of homeowners seeking to cash in on the 500,000 extra visitors, including Hollywood stars, expected to flood in this summer.Industry experts say rental prices have rocketed fivefold as spectators from more than 200 countries descend on London to watch their sporting heroes in action.Jemma Scott, head of residential corporate services at estate agency Knight Frank, said: “It is utterly unique and a very exciting time. I have never seen anything like it. If you take the buzz that surrounds short-term rentals in Wimbledon each year and multiply that by a thousand you might get some idea of the Olympic market.”People with central London homes aim to take advantage of the Olympic “jet-set” — VIPs who want a central city base where they can monitor their own security.The Standard has learned that at least one Hollywood figure is among those scouting out family homes. The person will make a five-figure contribution to their Olympic team in return for prime tickets and a chauffeur.Film stars who have attended the Games include Nicole Kidman, David Schwimmer and Vince Vaughn.The Standard also understands a private members’ club in central London is set to ignore strict admission policies and open its doors in a bid to attract wealthy tourists.Campbell’s Cheyne Walk property, near the Thames, is close to the former homes of David Lloyd George, Laurence Olivier, Geroge Best, Mick Jagger and Keith Richards.The 7,000 sq ft, five-storey townhouse was designed by the 37-year-old’s wife Fiona Barratt. It boasts a lift, cinema, gym and spa, seven bedrooms and secure underground walkway into a mews house for two residential staff.During the Olympics, Campbell, who won 73 England caps, will move around the corner to a penthouse he owns on the Thames.He said: “We will definitely be in London for the Olympics, I wouldn’t want to be anywhere else. I’ll be backing Team GB all the way, but look forward to welcoming others from all over the world”.