Former planning minister Lord Falconer this afternoon said that independent advice from Jones Lang LaSalle proved that the agreed sale of the Millennium Dome represented better value for money than any alternatives.
Confirming the deal in the House of Lords, Falconer also lauded the scheme’s potential for unlocking regeneration opportunities, saying: “The Meridian Delta scheme outperforms any other scheme in terms of regeneration benefits.”
Although the government will receive no money up front from the deal, it will share in profits once the development starts and receive around £240m from the sale of English Partnerships land on the Greenwich Peninsula.
The government expects an eventual return over the next 20 years of £550m after the consortium takes a priority share of the profits.
Falconer added that the Meridian Delta development consortium, which comprises Quintain Estates, Lend Lease and entertainment giant Anschutz, had the “energy and commitment” as well as the “resources and ability to deliver”.
Lord Falconer, who is soon to become minister for Criminal Justice at the Home Office, said that the site would comprise 14-15m sq ft of development, with over 7,000 homes, 35% of which will be affordable housing.
EGi News 29/05/02
