LONDON (CelebrityAccess MediaWire) — Real estate developer Meridian Delta Limited has announced that they are putting their 999-year-lease for property containing London's 02 Arena up for sale, the BBC has reported. The British press has reported that the asking price for the property has been set at £35 million.
Similar to the U.S. market, the UK real estate market has been experiencing a significant downturn and many developers have been seeking to reduce overhead and debt in the face of dwindling sales and tight credit markets. In addition to the arena, MDL has also been developing mixed-use residential, retail and entertainment near the dome.
The sale will not affect the arena itself, and the sale will include a 55-year lease held by promoter AEG, who operates the venue. AEG pays £1.5m per annum for the stadium.
The Arena, which has seen some big shows since it re-opened, including Led Zep's reunion gig, Madonna and Razorlight, was formerly the Millennium Dome, originally built in 2000 with a cost to the British taxpayers of approximately £800m. – CelebrityAccess Staff Writers