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County Hall, London

Volume 268: debated on Tuesday 12 December 1995

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To ask the Secretary of State for the Environment what assessment he has made of the financial arrangements between Whitbread plc and Shirayama Shokusan Ltd. in respect of county hall, London SE1; and if payment of the deferred element of the original purchase price will now be made to the London residuary body. [5311]

The arrangements between Shirayama Shokusan and Whitbread are a matter for those two parties. Under the terms of its purchase of the riverside building, Shirayama is required from April 1997 to pay the deferred £10 million at the rate of 50 per cent. of the annual net profit of the hotel and other business activities in the riverside building, and in any event to pay the full sum by 2012, irrespective of any profits.