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Ministry Houses

Volume 300: debated on Friday 7 November 1997

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To ask the Secretary of State for Defence if he will establish how many former Ministry of Defence houses at Colchester, sold to Annington Homes, have been re-sold by the company together with the average sale price; and what was the average price received by the Government when the houses were sold. [13704]

At the time of the sale 46 houses at Colchester were transferred freehold to Annington Homes. The price for individual properties was not separately negotiated but was part of the total sale and leasing package, the receipt for which was £1.662 billion. Once properties are released to Annington Homes, questions relating to resale prices are a matter for that company, but the contract between Annington Homes and MOD provides for a share of the profits obtained from resale to be paid to the Exchequer. Over £1 million from the profit share arrangements within the Annington Homes contract has already been received.