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Private investor snaps up London Sphere site for £40m
The east London site which had been earmarked for a Las Vegas-style Sphere entertainment venue is being sold to a private investment group after the development plans were blocked by Sir Sadiq Khan, the London mayor.
Sky News understands that Hallmark, a family-owned property investor, has agreed to acquire the 4.7-acre site, which has been vacant since being used as a coach park during the 2012 London Olympics. One source said Hallmark was understood to be paying between £30m and £40m for the real estate.
The land had been bought by Madison Square Garden Entertainment with the objective of turning it into one of the world's leading live music and leisure destinations. A planning process which took place over several years led to executives at the US-based company confident that the scheme had the backing of the London mayor.
In November 2023, however, Sir Sadiq blocked the development of the 300-feet tall, 21,000-capacity venue, citing the impact of light pollution on local communities. Michael Gove, the then housing secretary, called in the decision to reject the planning application several weeks later with a view to it being overturned.
Several weeks later, however, Sphere Entertainment Co, a sister company to MSG Entertainment, informed the government that it was abandoning its plans. Las Vegas's technologically advanced version of The Sphere has been the subject of worldwide interest since opening in 2023, featuring musicians including U2 and adorning its exterior surface with images including a giant eyeball and a motor racing helmet.
Neither MSG nor Hallmark could be reached for comment on Wednesday..
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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