HC Deb 24 July 1987 vol 120 cc640-2W
Mr. Gwilym Jones

asked the Secretary of State for Wales what was the profit achieved by the Land Authority for Wales on the nine most successful transactions in the three years to 31 March 1985; and how that compares with each other group of nine transactions in order of profitability in the same period.

Mr. Grist

The information is as follows:

Percentage of purchase and improvement cost Gross profit £
Group 1
1 3,670 9,250
2 2,395 575,000
3 1,619 600
4 850 747,200
5 819 88,300
6 757 1,300
7 724 140,500
8 683 444,600
9 681 13,900
Group 2
10 542 417,400
11 511 27,100
12 484 40,000
13 378 15,400
14 337 478,000
15 320 31,200
16 293 20,900
17 290 5,900
18 273 3,100
Group 3
19 263 245,000
20 238 24,200
21 233 14,600
22 213 18,400
23 193 79,100
24 189 600
25 178 337,000
26 153 45,300
27 151 152,000

Percentage of purchase and improvement cost Gross profit £
Group 4
28 150 25,400
29 136 57,600
30 136 57,500
31 133 14,300
32 129 83,900
33 114 4,900
34 113 2,600
35 111 18,900
36 106 6,700
Group 5
37 103 1,000
38 100 100
39 93 505,000
40 92 8,200
41 84 20,500
42 70 308,000
43 70 54,100
44 68 148,500
45 65 58,800
Group 6
46 63 16,900
47 58 161,100
48 56 16,000
49 55 47,500
50 55 30,200
51 53 33,500
52 51 160,000
53 51 300
54 50 100
Group 7
55 47 900
56 43 39,000
57 39 72,400
58 39 30,600
59 39 10,400
60 33 17,300
61 33 16,200
62 31 5,100

1982–83 1983–84 1984–85 1985–86 1986–87
£'000 £'000 £'000 £'000 £'000
1. Asset Value (ie Land Bank)
At Cost 8,788 8,310 8,656 14,882 10,610
At Market Value 15,220 14,211 14,185 22,707 17,387
2. Turnover 4,145 5,895 3,943 5,002 9,079
3. Net Worth 9,296 9,457 9,637 13,010 13,441

Mr. Murphy

asked the Secretary of State for Wales (1) if, in the light of the critical comments made in the recent Public Accounts Committee report on some of the activities of the Land Authority for Wales, he intends to review the future activities of the authority and to investigate ways by which it can be made more effective and accountable; and if he will make a statement;

(2) if, in the light of the recent recommendation by the Public Accounts Committee that the Land Authority for Wales should review the extent to which developers may be profiting disproportionately from the authority's activities, he will take steps to ensure that, in its dealings with the Cwmbran development corporation over the next few months, the authority will work closely with Torfaen borough council; and if he will make a statement;

Percentage of purchase and improvement cost Gross profit £
63 27 7,100
Group 8
64 27 6,000
65 26 99,000
66 26 14,000
67 25 7,600
68 25 6,000
69 23 3,800
70 20 74,700
71 20 3,600
72 18 5,800
Group 9
73 16 240,800
74 15 60,000
75 15 54,700
76 9 2,000
77 4 1,100
Group 10
78 1— 23,500
79 1— 13,500
80 1— 400
81 1— 100
82 1— 10
Gross Loss
Group 11
83 -8 -6,200
84 -13 -5,300
85 -15 -17,000
1 Residual income received from miscellaneous sites disposed of in earlier years.

Mr. Gwilym Jones

asked the Secretary of State for Wales what was the asset value, turnover and net worth of the Land Authority for Wales for each of the last five financial years; and if he will make a statement.

Mr. Grist

The information is:

(3) if, in the light of the conclusions of the recent Public Accounts Committee report on the Land Authority for Wales, he will investigate means by which the authority will work more closely with local planning authorities in Wales in future; and if he will make a statement.

Mr. Grist

I expect to receive shortly the Report of a comprehensive Financial Management and Policy review of the Land Authority for Wales. I shall be giving careful consideration to the future of the Authority and its role in the light of the findings of the review.