The ambitious cable car construction will connect the Greenwich Peninsula and the
02 arena to the Royal Victoria Docks and the ExCeL centre.
When the project was initially announced last July, the full cost was originally
estimated to be about Â£25million, with private funding being sought. TfL have today
confirmed that it would now be providing â€˜upfront fundingâ€™ and looking to recoup its
costs, although it could not confirm that taxpayers would not be footing part of the
A spokesman for the authority explained that the decision to pay in advance was â€˜to
aid the quick deliveryâ€™ of the cable car, which TfL was â€˜striving” to complete before
the Olympic and Paralympic Games next year.
The authority admitted that they will be racing to â€˜an extremely challenging timeline
for a complex projectâ€™ and could not yet confirm a final completion date for the
scheme. The spokesman also said that the original costing had been a â€˜preliminary
estimateâ€™ and that the revised Â£50.5 million contract included operational running
costs of Â£5.5million for up to three years:
â€˜The cable car will play a vital role in the once-in-a-lifetime regeneration of east
London and provide a much-needed additional river crossing in this area of the city.
It remains the intention that TfL will seek to recoup as much of the cost as possible
through a number of sources including advertising, sponsorship and fare revenue.â€™
Mayor of London Boris Johnson welcomes the project and said the cable car trip
would provide a â€˜truly sublime, bird’s-eye view of our wonderful cityâ€™ and was a â€˜vital
componentâ€™ in local regeneration.
Up to 2,500 will be able to make the 1,200 yard trip in one of 34 gondola cabins each
hour and although fares have not yet been set, TfL have confirmed that Oyster pay-
as-you-go cards will be accepted on the route.