§ Mr. Peter AinsworthTo ask the Secretary of State for the Environment, Transport and the Regions what discussions he has had with British Gas regarding the value of the proposal to sell the Millennium Dome to Legacy plc. [144710]
§ Ms ArmstrongWe have had no discussions with British Gas concerning the value of the potential sale of the Millennium Dome to Legacy plc. Any such matters will be discussed formally between English Partnerships and British Gas, from whom English Partnerships acquired the land.
§ Mr. Peter AinsworthTo ask the Secretary of State for the Environment, Transport and the Regions over what period the Government will receive payments from the sale of the Millennium Dome. [144714]
§ Ms ArmstrongThe details of the financial implications of any sale to Legacy plc must remain commercially confidential at this stage, while negotiations continue.
§ Mr. RedwoodTo ask the Secretary of State for the Environment, Transport and the Regions (1) when he expects the planning decisions to be made concerning the Millennium Dome site; [144762]
(2) if the bid of the preferred bidder for the Dome is contingent upon planning permission. [144764]
§ Ms ArmstrongCompletion of the sale of the Dome and the associated land will be conditional upon appropriate planning permissions having been obtained. The timing of any such permissions will be a matter initially for the London borough of Greenwich, and will depend on how any planning applications progress through the planning system. Two initial applications relating to the Legacy plc proposals for the Dome site are currently being considered by the London borough of Greenwich. Another application, for the use of associated land around the Dome, is due to be submitted within the next several months.
§ Mr. RedwoodTo ask the Secretary of State for the Environment, Transport and the Regions how many expressions of interest have been received from companies, consortia and individuals wishing to bid for the Dome site. [144765]
§ Ms ArmstrongI refer the right hon. Member to the reply I gave the hon. Member for East Surrey (Mr. Ainsworth) on 24 November 2000,Official Report, column 330W.
Over 70 expressions of interest were received in response to the competition that was launched in March 1999. All of these were encouraged to elaborate and substantiate their interest, and were subsequently evaluated prior to short lists being drawn up.
589W
§ Mr. RedwoodTo ask the Secretary of State for the Environment, Transport and the Regions what checks were carried out concerning other potential bidders before confirming the Legacy Consortium as the preferred bidder for the Dome. [144769]
§ Ms ArmstrongLegacy plc was confirmed as the preferred bidder at the end of an extensive competition process lasting 18 months, during which more than 70 expressions of interest in acquiring the Dome site were evaluated and shortlisted in a four stage process. The final shortlist of two from this process comprised Dome Europe and Legacy plc. Dome Europe was appointed as preferred bidder, but subsequently withdrew, and discussions were then initiated with Legacy plc.
The competition process was open to new bidders for a period of over nine months after its launch in March 1999. While other unsolicited expressions of interest have been received since the competition was closed to new entries, these have not been subjected to the same level of development and testing; nor would it have been fair to continue accepting new entries when existing bidders had already committed substantial resources to proving the appropriateness and deliverability of their bids.
§ Mr. RedwoodTo ask the Secretary of State for the Environment, Transport and the Regions how many acres of land will be sold as part of the disposal of the Millennium Dome. [144767]
§ Ms ArmstrongThe Legacy plc bid currently envisages acquisition of 63 acres of land, as well as the Dome itself and some additional structures.
§ Mr. RedwoodTo ask the Secretary of State for the Environment, Transport and the Regions what the Government's estimate is of the value of the Dome site with the Dome(a) removed and (b) remaining. [144763]
§ Ms ArmstrongA pre-sale valuation of the Dome site has been undertaken in the context of the competition to identify a sustainable long-term use for the Dome. The Government estimate of the financial value of the site is commercially confidential while the process to secure a buyer continues.
§ Mr. RedwoodTo ask the Secretary of State for the Environment, Transport and the Regions what information was made available to each bidder for the Dome site concerning the willingness of the vendor to accept staggered payments. [144768]
§ Ms ArmstrongThe financial offers of each competing bidder have been considered and assessed on their individual merits, including in relation to proposed payment structure. In comparing bids, any deferred payments have been discounted for time and risk.
§ Mr. Peter AinsworthTo ask the Secretary of State for the Environment, Transport and the Regions (1) if he will name the parties with a financial stake in Legacy plc; [144713]
(2) what percentage of Legacy plc's equity is owned by (a) Mr. Robert Bourne, (b) Treasury Holdings and (c) other parties. [144712]
§ Ms ArmstrongDetails must remain commercially confidential while negotiations continue, but I can confirm that the total issued share capital of Legacy plc is owned by Robert Bourne and family interests.
590WShould Legacy plc be granted a lease on the Dome there is an agreement that on the grant of the lease the shareholders in Legacy plc will be:
Robert Bourne and family interests—15 per cent.Treasury Holdings Ltd.—80 per cent.The Bank of Scotland will hold a Convertible Loan Stock Instrument which is capable of being converted into 5 per cent. of the issued equity of Legacy plc after the grant of the lease.