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Dome Plans finally revealed
Greenwich, England - 18 June 2004
Peninsula regeneration deal signed and sealed
The future regeneration of London's Greenwich Peninsula reached a major
milestone today with the final conclusion of the landmark deal to deliver £4bn
of private-sector investment, alongside thousands of new homes and jobs to
benefit the local area and the wider Thames Gateway region.The historic
regeneration scheme, one of the largest ever in the UK, will provide 10,000 new
homes. 3,800 of these will be affordable homes for key workers such as teachers
and nurses, with a further 300 for students and people with special needs. The
scheme is expected to create an estimated 24,000 new jobs for the regional
economy.
Other benefits for the community include new primary and secondary schools,
nursery and health provision, transport improvements and support for local
employment and training.
A world-class entertainment and sports Arena is being created within the Dome
that will seat up to 20,000 people. Due to be completed by Spring 2007, it is
already playing a key role in London's bid to host the 2012 Olympic Games.
Today's announcement marks the successful completion of all commercial contracts
and planning negotiations between national regeneration agency, English
Partnerships, and the developers of the Greenwich Peninsula, Meridian Delta Ltd
(Lend Lease & Quintain Estates and Development plc), Anschutz Entertainment
Group and Greenwich Council.
Work on infrastructure upgrades needed to prepare the 121 ha site for this
massive regeneration project is due to begin later this year. Development will
continue over the next 20 years, with construction of the Arena starting in
Spring 2005 and the first homes starting in 2006.
Speaking at an event hosted by English Partnerships to mark the successful
completion of the deal, Keith Hill MP, Minister for London, said, "We are
celebrating a major milestone in the history of the capital's regeneration and a
significant step forward in the wider redevelopment of the Thames Gateway. The
long-term benefits we have secured for future generations of Londoners are a
fitting legacy for the Dome project.
"£4 billion worth of private sector investment, including a £550 million cash
return over the next 20 years will bring new jobs, new homes, new services and
infrastructure to London. Every £1 of public money on the Peninsula has
attracted over £6 from the private sector. This is a excellent result reflecting
the commitment and vision of all our private and public sector partners."
Margaret Ford, Chairman of English Partnerships, said, "This agreement is good
news for the taxpayer bringing a substantial return back to the public purse, is
fantastic news for Greenwich with the creation of a vibrant new urban quarter,
and will be a huge boost for the London Olympic bid. It also establishes the
future of the Dome as a world class leisure attraction for many years to come.
"English Partnerships has been leading the regeneration of the Peninsula since
1997. Our work has included cleaning up 121 ha of brownfield land in preparation
for its redevelopment and setting up a thriving Millennium Village on the south
of the Peninsula where 600 homes are already occupied."
Councillor Chris Roberts, Leader of Greenwich Council, said, "We are building a
new community on the Greenwich Peninsula. The area will become one of the most
lively and vibrant areas of London, one which will ultimately be home for up to
30,000 people.
"We have long held that the Dome has longer-term benefits - without it we could
not have realised so much of our vision for the area in such a short time. It
will extend Greenwich’s heritage legacy for visitors from around the world and
become a leading European contemporary entertainment centre. Its potential can
further be seen in that it’s been earmarked as a key site in the London bid for
the 2012 Olympics."
Timothy J. Leiweke, president and Chief Executive Officer of Anschutz
Entertainment Group, said, "Today’s announcement reaffirms Anschutz
Entertainment Group’s commitment to develop Europe’s finest entertainment and
sports arena in London, the city we believe to be the world’s most important
entertainment market. With our promise to create this world-class destination
goes our pledge to join the bid to secure the 2012 Olympics for London. We look
forward to starting on site."
Bert Martin of Lend Lease, part of Meridian Delta Ltd, said, "We are determined
that the Greenwich Peninsula will set new benchmarks in urban mixed use
development and become one of London's finest districts, providing a unique
blend of entertainment, business, residential and community uses - an
exceptional place to be.
"To maintain the considerable momentum now established, works including
infrastructure and construction of major new public spaces will commence
later this year, as part of our planned pipeline of activity in the lead up to
the first residential development."
Adrian Wyatt, Chief Executive of Quintain Estates and Development plc, part of
Meridian Delta Ltd said, "This rapid progress through the planning system has
only been possible by the constructive partnership between the private sector
and local, regional and national Government.
"With a strong shared vision, there has been real momentum to deliver a new
community on the Greenwich Peninsula and we are now able to turn this vision
into reality."
English Partnerships is the government’s national regeneration agency
delivering high quality, sustainable growth in England. It does this by
developing a portfolio of strategic sites and acting as the Government’s advisor
on brownfield land. English Partnerships also ensures that surplus public sector
assets are used to support wider government objectives, especially those
contained in the Sustainable Communities Plan. English Partnerships helps create
communities where people can afford to live and want to live. I
Anschutz Entertainment Group is one of the leading entertainment and sports
presenters in the world. The organisation owns or controls some of the world’s
best and most famous arenas, venues and sports franchises in addition to
divisions dedicated to the creation of live entertainment for all mediums.
Meridian Delta Limited is a joint venture company comprising Lend Lease (51%)
and Quintain Estates & Development plc (49%), formed specifically to lead the
regeneration of the Greenwich Peninsula.
Quintain Estates and Development plc is a leading UK property investment and
development company specialising in strategic property acquisition,
redevelopment and asset management in all property sectors. Quoted in the FTSE
250, Quintain’s current net worth is around £450m with gross assets in excess of
£750m. In addition to its 18.5 acre holdings on the Greenwich Peninsula and
interest in Meridian Delta Limited, at Wembley it has resolution to grant
outline planning consent for a flagship regeneration project involving 5.3
million sq ft of development on 42 acres of brownfield site surrounding the new
National Stadium. Quintain had developed circa 2,000,000 sq ft over the last
five years and has expertise in less traditional undertakings such as social
housing, student accommodation, hospitals and nursing homes.
Lend Lease is a leading real estate services business which creates, enhances
and manages real estate assets around the world. This is achieved by its
regional, sector focused businesses undertaking development and asset
management, managing third party capital and providing international project and
construction management services through Bovis Lend Lease. Listed on the
Australian Stock Exchange, the Lend Lease group operates in 43 countries on six
continents.
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