3.19 In any deal that is dependent on profit sharing it is important that the public sector and its advisers form their own view on the business projections supplied by private sector partners. Before entering into the agreement English Partnerships took advice on Meridian Delta Ltd's proposals for developing the Peninsula from their own property advisers Jones Lang Lasalle. The advisers found it difficult to accurately predict capital and rental values for such an emerging location and without detailed information on the project specification. But overall they considered the key assumptions to be appropriate. Our own property advisers, Chesterton, broadly agreed. They had no doubt that Meridian Delta Ltd, which comprises two highly capable developers in Lend Lease and Quintain, has the skills and track record to be an appropriate choice of partner for English Partnerships in achieving these values. Chesterton were comfortable with the projected values and rate of take-up from residential development, which represents 61 per cent of the total development by sale value. In comparison, the estimated prices for office development depend on establishing the Peninsula as an entirely new commercial location with rentals mid-way between the high levels being achieved north of the River in Canary Wharf, and the lower levels achieved in south east London. It is difficult to establish in advance how the market will react to prices set at this level.