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Quintain, Lend Lease and Anschutz Take on the Dome

LONDON-London's Millennium Dome finally has a new owner 17 months after closing down. Despite the fact that Pounds 840 million ($1.2 billion) of public money was sunk into the project the Government has been forced to give it away free in return for a share of future profits.

By Graham Parker | Updated on May 30, 2002

LONDON- Meridian Delta, a consortium made up of Quintain Estates of the UK, Lend Lease of Australia and Anschutz Entertainment Group of the USA, has taken ownership of the controversial Millennium Dome in Greenwich, south-east London. The striking Richard Rogers-designed structure was put up to house a year-long celebration of the millennium at a cost of £840 million ($1.2 billion). But attempts to find a new user have been mired in controversy.

In one of his last acts as Housing and Regeneration Minister Lord Falconer signed the deal with Millennium Delta which will see the dome and the surrounding land transferred for nothing, but with the Government retaining the right to receive a share in development projects that could see £550 million ($800 million) returned to the public purse over 25 years.

Anschutz–which already operates the London Arena on the opposite side of the Thames–plans to run a 20,000-seat sports and entertainment arena inside the dome, on which it will hold a 55-year lease. And Quintain and Lend Lease plan to build up to 7,000 new homes and up to 3.5 million sf of offices, shops and leisure facilities along the rest of the 190-acre Greenwich Peninsula site, with a projected value of £4 billion ($5.8 billion).

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