Out-Law News 1 min. read
05 Apr 2012, 5:11 pm
Wellington Hospital's proposals, which will be considered by the members of Marylebone Cricket Club (MCC) on 2 May, include for an underground hospital, sports clinic, museum and a large entertainment venue for MCC to be developed. The 1.6 acre site is situated at the Nursery End of the cricket ground.
The MCC would receive a £100 million payment for selling its 25 year lease on the land to Mike Hussey's Almacantar, according to trade magazine Property Week.
The Club has to pay £130,000 per year on the lease; although it is within the grounds of the club, its 990-year lease is owned by the Rifkind Levy Partnership. The £100m deal was originally proposed in 2007, in relation to a different scheme.
The 2007 proposal included plans to improve the Club's grounds, funded by finance raised from new flats. The proposals were rejected by the Club at the time. This week the MCC asked its members what they think of a potential residential development on the site and whether it should be allowed.
Proposals from Wellington include the development of two disused tunnels to extend the hospital. The tunnels are owned by Rifkind, but only accessible from the hospital.
The proposals also include a very small amount of low-rise residential development to help fund the improvements to the Club. Despite the strip of land being classed as 'greenfield' land by Westminster City Council, it would be viewed as "enabling development" for the hospital development.
However, in February, the Club's chairman indicated that it may well undertake the redevelopment itself.
"The Committee has confidence in the Club’s ability to self-fund a redevelopment scheme on MCC’s freehold land, and to continue to invest large sums in youth cricket at home and abroad," Oliver Stocken, chairman of the MCC said at the time.
"It believes this is the best way to ensure Lord’s maintains and enhances its reputation as the pre-eminent cricket ground in the world and for MCC to demonstrate its commitment to all levels of the game."