The London Development Agency has completed a deal that sees 500 acres of land transferred to the Olympic Park Legacy Company (OPLC).

On Wednesday night, the LDA handed over the freehold to the Olympics site, worth hundreds of millions, after a long-protracted process that had been held back by a Treasury review of the deal.

The OPLC had set a deadline of midnight in order to allow work to begin on the Orbit, a planned giant sculpture designed by artist Anish Kapoor.

The land needed to be complete because the LDA does not have statutory powers to allow private sector development to take place on its land.

This marks the beginning of a wider transfer of land and powers that will take place over the next two years, which will end with the handing over of keys to the Olympic stadium.

Olympic Delivery Authority (ODA) project sponsor Ian Crockford, who project manages schemes including the Aquatics Centre and the main stadium, said: “It’s happened invisibly, but this is quite a significant move. We had the rights and planning powers to get the land cleared. Now, the OPLC can move that to the next stage.”

The transfer coincides with news today that the ODA had launched a global search for a long-term £500m investor in the separately-run Olympic Village.

Yesterday was also the closing date for bids to take control of  the Olympic stadium after the Games are over. The OPLC will now consider the proposals before selecting a preferred bidder in December.

London mayor Boris Johnson wants the body to become a mayoral development corporation, which would give him planning and development powers over the Olympic Park after the Games.

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