Millennium Dome: Sale (Hansard, 27 July 2000)

§ Lord Falconer of Thoroton

Dome Europe has won the competition to take over the Dome when the Millennium Experience ends on 31 December. We believe their proposals will deliver a high quality, innovative and economically sustainable long-term future for the Dome, of which the people of Greenwich and the United Kingdom can be proud.

The proposals will build on the remarkable achievements in constructing the Dome and delivering the Millennium Experience this year. Provision of a world-class visitor attraction will continue, and will benefit from Dome Europe's investment of around £400 million in the core Dome site over the next five years.

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In supporting the Dome's transition from the current Millennium Experience to another major visitor destination, Dome Europe is proposing to create an urban entertainment resort, through a combination of uses inside the Dome and on adjacent land. The latter will include hotels, a convention centre, commercial leisure, restaurants, residential units, offices, retail and community facilities. Whilst the proposals are all subject to the granting of planning permission, and much work remains to be done to complete the sale of the site, we are confident that Dome Europe's proposals will deliver an exciting contribution to the continued regeneration of the Greenwich Peninsula.

We have further decided that, of the overall consideration for the sale of the Millennium Dome (details of which must remain commercially confidential at this stage), some £53 million should be paid to the New Millennium Experience Company from total expected early payments from the competition of £105 million. There is also provision for additional payment for land value in certain circumstances and a share of profits if and when the business changes hands. The remainder of this total amount, after meeting third party commitments, will go to English Partnerships. In reaching this view, we took account of the benefits to the Greenwich Peninsula and the Thames Gateway in terms of continuity of jobs and assured future private investment in the site, building on the substantial public investment already made—more than £1 billion—towards major environmental, transport and other improvements on the Peninsula.