HC Deb 04 February 1998 vol 305 cc650-1W
Mr. Corbyn

To ask the Secretary of State for the Environment, Transport and the Regions what is the total payment of money to London and Continental Railways to date; and if he will list and value each of the assets transferred to them. [27432]

Ms Glenda Jackson

As the Explanatory Memorandum on the contracts with London and Continental Railways Ltd. (LCR)—which was placed in the Library of the House in 1996—explains, the first instalment of capital grant to LCR for the CTRL is not to be paid until LCR have themselves spent at least 68% of the expected outturn construction cost. To date, therefore, other than agreed payments relating to contractual claims and obligations amounting to some £17 million, no payments have been made to LCR.

The assets specifically transferred to LCR in 1996, and their values then, were as follows:

  • Eurostar Rolling Stock: £318 million1
  • Manchester Longsight Depot: £5.9 million2
  • Waterloo International Terminal: £136 million2
  • Ashford International Station: £41 million3
  • North Pole Depot: £77.5 million2
    • 651
  • King's Cross Railway Lands: £5.8 million—up to £10.6 million4
  • Stratford Railway Lands: £15.2 million—up to £12.5 million5
  • St. Pancras Station: £3.7 million6
1 Seven of the Eurostar train sets and the night service stock are leased. Value shown is the written down value as at 31 March 1995 on an historical cost basis after taking into account leasing obligations. 2 Value shown is the written down value as at 31 March 1995 on an historical cost basis. 3 Value taken from EPS's 1994–95 annual report and accounts and based on the net present value of future leasing payments. 4 The first value is the estimated existing use value based on rental income derived from the lands taken from a valuation of the lands carried out for the BR Property Board in March 1995. The second value is the estimated development value of those parts of the lands not ultimately required for the operation of the CTRL, taken from a valuation carried out for the DETR in November 1995. 5 The first value is the estimated existing use value based on rental income derived from the lands, taken from a valuation of the lands carried out for the BR Property Board in March 1995. The second value is the estimated development value of those parts of the lands not ultimately required for the operation of the CTRL, taken from a valuation carried out for the DETR in May 1995. 6 Existing use value taken from a valuation carried out for the BR Property Board in March 1995.