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Last Updated: Wednesday, 8 February 2006, 17:22 GMT
London Eye gets new 25-year lease
London Eye
The Eye will give the South Bank Centre at least 500,000 a year
The London Eye, the UK's most popular tourist attraction, has agreed a new 25-year lease.

The South Bank Centre and the British Airways London Eye signed the deal, announced on Wednesday, only after a judicial review over a rent row.

The lease agreement will mean the South Bank Centre, a publicly-funded charity, will receive at least 500,000 a year.

The wheel, on London's South Bank, has attracted 18 million visitors since it opened for the Millennium.

'Huge boost'

David Sharpe, Managing Director, British Airways London Eye, said: "I am delighted that the British Airways London Eye will now be preserved on its current site for the enjoyment of generations of Londoners and visitors for many years to come.

"Our iconic British landmark can now look forward to a long and prosperous future," he said.

Clive Hollick, Chairman of the South Bank Centre said: "The South Bank Centre is delighted to have achieved the fair commercial rent it hoped for.

"The new rental agreement is a huge boost not only to our 91 million refurbishment of the Royal Festival Hall, of which just under 10 million still remains to be raised, but also to the future funding of our artistic and educational programme over the long term."

The attraction was recently voted the most iconic object of modern England.

Almost six out of 10 people said the 135-metre structure most summed up 21st Century England, with Big Ben being voted the most famous landmark.

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