Newspaper article The Evening Standard (London, England)

Taxpayer Faces "60M Bill for Delays to New Greenwich Homes

Newspaper article The Evening Standard (London, England)

Taxpayer Faces "60M Bill for Delays to New Greenwich Homes

Article excerpt

Byline: AMAR SINGH

A PLAN to build more than 10,000 homes on the Greenwich Peninsula ismore than two years behind schedule, costing the taxpayer up to 60 million.

A report by the National Audit Office today said English Partnerships, theGovernment's agency for regeneration, would struggle to meet its target ofconstructing 4,250 houses by 2016 in the area around the former MillenniumDome, which is now known as the O2 arena. Under the terms of the development,drawn up in 1997 when the Government spent more than 225 million on securingthe peninsula for redevelopment, a share of profits made on the 170-acre sitewould be returned to the public purse.

But these profits will not be realised until the new homes, 38 per cent of themaffordable, are built. Tim Burr, head of the audit office, said: "The GreenwichPeninsula is an ambitious regeneration, highlighted by the landmark O2 venue.The pace of housebuilding is already two years behind schedule. …

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