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Published: 26 March, 2010
by RÓISÍN GADELRAB

IT WAS supposed to be another Lib Dem legacy – a revamped Finsbury Square, crowned by a sweeping white arch above a 2,000-capacity underground venue.

But six years down the line, work has still to start on the much-hyped £40million project, back­ed by private firm Planit Events – and Islington Council has gone cold on the idea.

While in 2008 the plans were hailed as “fantastic” by Lib Dem leisure chief Councillor Ruth Polling, the council is now reviewing the deal struck with the events firm.

Planit’s Will Bailey, whose company has already spent £1.3million on the project, is becoming frustrated.

He has been told a package of concessions agreed with the council in 2006 is not now “best value”, while he says he has upped the offer.

Mr Bailey complains the council is working from a recently commissioned report which he believes is based on false information. But he says the council will not show him the report. The Town Hall denies it is stone­walling, but says it is re-evaluating the deal.

Planit Events wants to dig up the square, excavating deep enough to build a 2,000-capacity venue and build an underground car park to replace the existing one.

The venue will cost £20,000-a-day to hire, with Planit donating 20 days a year to community use. It will spend £1.3million on the surface of the square.

Mr Bailey believes Planit’s deal would double the income the council now receives from the square. 

“It will be a big events space that could hold 1,500 people for dinner,” he said. “It could be a mini-02. If you want to sit 1,200-1,500 people for dinner there’s nowhere else to go except Grosvenor House and Battersea. The viability of the scheme has been proven.”

It is widely agreed that the square has become neglected. Mr Bailey said: “It’s a disgrace to the City. It’s extremely tired and degenerated. It’s only going to get worse. 

“It’s now the council’s fault because they’re holding up a regeneration project. The deal may not be there in five years’ time.

In 1957 the Church of England handed the square over to the council to look after, but on specific conditions. The project is further complicated by the need to satisfy the Church Commissioners, the leaseholder of the NCP car park and the owners of La Paquerette restaurant, in the centre of the square.

Mr Bailey claims to have come up with a deal to suit them all.

But Labour councillor Martin Klute said the work would take at least two years, during which time people would be unable to use the square.

“One of the reasons the council agreed it in the first place was because of the arch,” he said. “Lib Dem monument building is at the bottom of it all.

“The scheme doesn’t really offer any public benefits. It should be a quiet, peaceful place.”

A council spokesman said delays had been caused, in part, by economic conditions.

“Planit approached us last summer to revisit their scheme, which already has planning permission, and the lines of communication are still open,” he added. 

“To ensure we get best value for tax-payers, we are reviewing the Planit proposals very carefully.”