O2 arena put up for sale for £35m

London's O2 entertainment arena has been formally put up for sale by its landlords, sparking a race to control one of the world's most recognisable landmarks. Meridian Delta Dome Limited (MDDL), a joint venture between the property companies Quintain Estates and Development and Lend Lease, has had a £35m price-tag placed on it, which includes the virtual freehold to the arena itself and its surrounding leisure space.

Savills and Michael Elliott, the property agents, have been appointed to market the site. Initial offers are due this week. According to a sale document sent to potential buyers of the O2, the maximum annual rent for the arena is just under £1.6m.

Anschutz Entertainment Group (AEG) owns the long-term lease on the O2 Arena and surrounding leisure space.

"This is the bargain of the century," said one source close to the sale process.

Since its conversion into a music and sports arena by AEG the O2 has become the world's most popular entertainment venue, attracting some of the most famous acts in the music industry, including Kylie Minogue (left) and Snow Patrol. In 2012 it will host the Olympics gymnastics and basketball finals.