The London Arena in Docklands will close if Irish developer Ballymore buys it from the Anschutz Entertainment Group.
It would be in Anschutzs interests if this were to happen, for the group is part of the Meridian Delta consortium behind transforming the Dome into an entertainment complex.
Ballymore is close to completing a £45m deal for the arena, which sources said it hopes to transform into a 2m sq ft residential, hotel and office-led scheme, similar to its nearby New Providence Wharf development.
The future of the six-acre arena in Docklands, E14, has been in doubt since Anschutz was selected in partnership with Quintain and Lend Lease to transform the Dome.
Ray Hardy, investment director at Ballymore, Dublins largest housebuilder, said: “We look at many different development opportunities and are acknowledged as a Docklands specialist. We hold between 25 and 30 acres in Docklands but we have no comment to make.”
However, it is believed that US architect Skidmore Owings & Merrill, which has worked on previous Ballymore projects, has been appointed to draw up plans.
Ballymore is believed to have been working on the deal long before Anschutzs involvement on the Dome was revealed, but the link could give Ballymore a foothold on the Dome development. A source close to the company added: “This deal would offer Ballymore a phased development pipeline and could open doors on the Greenwich peninsula.”
The arena has hosted the likes of Robbie Williams and Britney Spears. It is also home to the London Knights ice hockey team – which Anschutz owns. But Anschutzs plans for the Dome include a 20,000-seat arena, Dome Waterfront, which will be the London Knights new home. Dome Waterfront would effectively kill off the need for London Arena.
Ballymore agent Rupert Cherryman, Chestertons Docklands director, said: “If Ballymore were to be the purchaser it would design a complementary scheme to others proposed at Canary Wharf.”
Developer Roger Lewis, a Docklands enthusiast and member of the Experience Consortium, which first promoted the Dome as a music and leisure venue, said: “Ballymores move would make perfect sense. It was always part of our own proposal to redevelop the London Arena as offices. It puts Ballymore in pole position to offer its expertise to the Quintain/Lend Lease Dome bid.”
A London spokesman for Anschutz confirmed that the group was talking to Ballymore.
EGi News 19/01/02
