As much as one fifth of the £500m pledged by Chinese property developer ZhongRong Group yesterday to rebuild London's Joseph Paxton designed Crystal Palace, would be spent restoring the surrounding park along the lines of its original Victorian design, project leaders revealed at a briefing attended by London Mayor, Boris Johnson.
The plan for the park builds on an existing masterplan which recently gained permission with some steps already in place to begin the transformation process. However as the Mayor and Bromley officials acknowledged yesterday, the cost for full regeneration of the park has remained a challenge - until now.
"The scale of investment is beyond anything proposed before and provides the opportunity to fund all of the ambitions of the park," a ZhongRong document outlining the plans noted.
The £100m cost of restoring the park has been estimated using the original figure of £68m on which the current masterplan was based, and which has then been adjusted to take account of today's prices.
Controversial proposals within the existing masterplan for the building of housing have been omitted in the ZhongRong plan for the site which will see the rebuilt palace become a "major new cultural destination", project partners said.
For more details including innovative proposals for the ongoing maintenance of the park once it is restored, see next week's HW magazine.