But the property company, headed up by Sir Stuart Lipton, will have to contend with a rival scheme for the site. Arrowcroft proposes to include a 12,500-seat arena, 800 homes, 645,840 feet of offices as well as retail and leisure space. The council, which has already given its backing to the Arrowcroft scheme, is expected to grant formal consent shortly.

The council wants an arena to be built on the site but Stanhope, which owns the land jointly with Schroders, does not believe this is the best use for the site. But the council has warned that it will use compulsory purchase powers if necessary to ensure the Arrowcroft development goes ahead.

The problem for Stanhope is that the rival scheme has already secured the support of London Mayor Ken Livingstone and the government. At the time that both the mayor and the minister considered the rival proposals, the Stanhope scheme was an outline application, indicating general zoning, uses and intentions but with no detailed designs. In turning it down, the Deputy Prime Minister said he "cannot be satisfied that what has been presented will materialize." By publishing details, Stanhope hopes to re-ignite interest in its scheme.