I would like to point out that the South Bank Centre is not seeking to increase the rent for the BA London Eye from £65,000 to £2.5m as stated in your issue of 2 September (page 15 - see related articles). The South Bank Centre and Bromley council, which has a parallel interest and is negotiating on behalf of the 33 London boroughs, are seeking a rent that is nowhere near as much as reported.
We are asking the London Eye to pay an amount based on advice from independent valuers and we are simply seeking to secure a fair return from commercial businesses operating on our land.
A new 25-year lease, based on fair terms, will allow the London Eye to refinance its operations, including its debts, and provide it with a stable future. Both the South Bank Centre and the London Eye have a huge contribution to make to London, as a sustainable arts centre and a profitable visitor attraction respectively.
Michael Lynch, chief executive, South Bank Centre
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