Landmark London venue land being sold at knock-down price

August 7, 2009

The land that the O2 Arena is built on is being sold by its owners for around £20 million, which is some £15 million cheaper than it was initially on sale for six weeks ago.

Owners, Quintain and Lend Lease, are looking to offload the land where the Millennium Dome was built to the highest bidder, and Trinity College, Cambridge, is rumoured to be interested in purchasing the prime Docklands land.

Trinity College is the wealthiest university college in the country and already has a large portfolio of property.

Despite the land being for sale, the O2 Arena itelf, now enjoying a successful reincarnation as a major London venue for music and arts, is not for sale. The land is leased by AEG, a US entertainment company, which operates the site and intends to continue to do so.

AEG states, “the O2 is absolutely not for sale — it is the landlord's interest in the land on which it sits that is. This means that the owners of that land, current and future, will receive a rental income from AEG Europe, owners and operators of the venue.”

Major international performers, including Prince and Beyonce, have held concerts at the venue and more recently it has come under the spotlight as the intended venue for the ill-fated 50-date Michael Jackson residency.