§ Mr. Austin MitchellTo ask the Deputy Prime Minister, pursuant to the answer of 25 June 2002,Official Report, column 820W, on the Millennium Dome, if he will (a) commission from Jones Lange Lasalle and (b) publish estimates of the value of the Millennium Dome site to Meridian Delta Ltd. (i) with and (ii) without the Dome. [69202]
§ Mr. McNultyEnglish Partnerships, with professional advice from Jones Lang Lasalle, undertook full assessments of the value of the deal with Meridian Delta Ltd. and Anschutz Entertainment Group, and of alternative development scenarios with and without the Dome.
The net present value of the deal, assuming the full scheme is developed, is around £240 million. This is higher than both the estimated value of the site developed under alternative development scenarios with the Dome, and the estimated value of the site developed without the Dome. Our professional advice was that the establishment of a successful and iconic venue enhances the value of the rest of the development.
Precise valuations are commercially confidential, in order not to compromise the joint venture arrangements, negotiations between the joint venture and third parties, and the ability of English Partnerships to secure value for money through their commercial negotiations.
The National Audit Office is examining the sale process, including valuations and value for money assessments, and will report to Parliament in due course.