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Armed Forces: Chelsea Barracks

Volume 699: debated on Thursday 6 March 2008

asked Her Majesty's Government:

What are the expected net proceeds to public funds from the sale of the Chelsea Barracks. [HL2199]

The sale of Chelsea Barracks completed on 31 January 2008 for a total consideration of £959 million. Payments to the Ministry of Defence (MoD) will be split evenly over the five years ending 31 January 2011 with the initial two payments having already been received. Although a final cost, including legal, marketing and other professional fees, in connection with the transaction has still be determined, these are expected to be in the order of £1 million.

The MoD is retaining the full benefit of the disposal proceeds arising from the sale which is being invested in improved service accommodation.