The regeneration of the Greenwich Peninsula: a progress report: Report by the Comptroller and Auditor General (House of Commons papers)

 
9780102953077: The regeneration of the Greenwich Peninsula: a progress report: Report by the Comptroller and Auditor General (House of Commons papers)

This report is a follow-up to the NAO's 2005 report on the Regeneration of the Millennium Dome and associated land (HC 178, session 2004-05, ISBN 9780102931662). The 2005 report examined the process for selling the Millennium Dome and associated land and the resulting deal and concluded that the resulting deal offered an integrated solution for the regeneration of the Greenwich Peninsula and offered the Government a sensible exit strategy from the Dome. The development is still at an early stage and faces inherent risks and challenges which mean it is only possible to come to firm conclusions about early progress compared to the initial plans, rather than on the longer term outcomes. The report finds that The Dome has become a highly successful entertainment venue and a beacon for a new community on the Peninsula. The wider redevelopment of the surrounding land has been less successful. Some commercial and educational developments are underway earlier than planned initially. The delivery of new housing has, however, fallen behind schedule. It will be difficult for the housing programme to recover the lost ground to meet original targets because the rate of building required to do so is very demanding. As a consequence of these delays, the taxpayer's likely return from the redevelopment has fallen significantly. The structure of the deal means that the delays have affected the taxpayer more than the private sector. The Government should consider whether future deals can be structured to align better the interests of the public and private sectors.

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