Millennium Dome (Hansard, 25 June 2001)

§ Mr. Peter Ainsworth
To ask the Secretary of State for Transport, Local Government and the Regions if he will set out the timetable for the sale of the dome. [108]

§ Ms Keeble
There is no firm deadline for the sale. We are, through the on-going market testing, exploring all avenues, and the aim is to secure a sale as quickly as possible. However, it is important that all diligence is done both in the market testing and the assessment of on-going process issues, in order that the process—and the continued regeneration of the Greenwich Peninsula—is not undermined. We will make an announcement as soon as possible, consistent with independent professional advice.

§ Mr. Peter Ainsworth
To ask the Secretary of State for Transport, Local Government and the Regions if he will make a statement on the estimated market value of the dome site(a) with the dome in place and (b) with the dome removed. [111]

§ Ms Keeble
A pre-sale valuation of the dome site has been undertaken in the context of the process to secure a sustainable long-term use for the dome. This valuation and Government appraisals of the financial value of the site are commercially confidential while the process continues.

§ Mr. Peter Ainsworth
To ask the Secretary of State for Transport, Local Government and the Regions what proportion of the proceeds from the future sale of the dome will be returned to national lottery funds. [112]

§ Ms Keeble
The allocation of proceeds from the sale of the dome is set out in a legal agreement between English Partnerships and the New Millennium Experience Company. This was signed on 12 January 2001 and announced to Parliament on 17 January 2001,Official Report, column 258W.
After deduction of competition, decommissioning and other costs from the sale proceeds, half will be paid to English Partnerships as owners of the land and half to the New Millennium Experience Company as builders, owners and operators of the dome structure. Once NMEC has been wound up, it is intended that any remaining share of the proceeds will pass to the Millennium Commission.