HC Deb 03 December 2001 vol 376 cc15-6
33. Mr. Chris Bryant (Rhondda)

What recent valuation the Church Commissioners have made of the value of their property portfolio in London. [17017]

Mr. Stuart Bell (Second Church Estates Commissioner, representing the Church Commissioners)

The latest published valuations as at 31 December 2000 are in the commissioners last annual report, a copy of which is in the House of Commons Library.

Mr. Bryant

Does No. 1 Millbank still belong to the Church Commissioners? If so, would not it make more sense, considering the fact that many Members of Parliament still do not have a full office, to sell the building to the Parliamentary Estate?

Mr. Bell

It is an excellent building and would certainly command a great deal of money on the open market. Let me help my hon. Friend by saying that part of No. 1 Millbank has already been let to Members of the other place.

Simon Hughes (Southwark, North and Bermondsey)

Will the hon. Gentleman give a more specific answer on the value of the assets in London? We do not all have the annual report to hand. [Interruption.] I challenge anyone to produce a copy. How does the Church, with all its wealth, justify its decision that means that there will be far fewer affordable homes for tenants to rent and many more market-value properties? How does that square with the relief of poverty and the social obligations of the Church? Can an explanation be placed in the Library for what appears to be a completely unjust and unfair decision?

Mr. Bell

That seemed to be at least four questions in one. If the hon. Gentleman looks at the annual report, he will find a full valuation of our property portfolios—agricultural, residential and commercial—and the percentages for our various values and where we have invested. He will also find a list of the 20 most important values at the back of the report.

The hon. Gentleman referred to Octavia Hill estates. I am sure that he will be interested to learn that the Church Commissioners are forgoing £51 million in income over 15 years by not charging full market rents where they are free to do so.