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Quintain And Lend Lease Partnership Tipped To Win Dome Bidding Race

LONDON-Reports in The Times newspaper say that the UK Government will today appoint the Meridian Delta consortium--headed by property groups Quintain and Lend Lease--as preferred bidder for the redundant Millennium Dome in Greenwich, South London.

By Graham Parker | Updated on December 18, 2001

LONDON-According to press reports the UK Government has moved a step closer towards extricating itself from the embarrassing saga of the Millennium Dome. The £750 million ($1.1 billion) attraction has lain empty for almost a year now as two successive purchasers have pulled out of negotiations after being granted exclusivity. Now a new bidder has emerged willing to take a lease on the property to run it as a sports and leisure complex, with housing development on the surrounding land.

The new consortium is made up of Quintain Estates, Lend Lease and Philip Anschutz, owner of the LA Lakers basketball franchise. Under their plans the central area of the dome will be converted into a 20,000-seat indoor stadium to house concerts and sporting events. But unlike previous bidders which had wanted to buy the site outright the new deal is reported to be structured around a 20-year lease.

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