§ Mr. Cousins
To ask the Deputy Prime Minister what the value of assets transferred from One North East to the partnership with UK Land Estates was; and what the(a) cost and (b) source of the advice obtained by One North East before the sale was. 1174W
§ Keith Hill
The assets transferred (as disclosed in the Agency's 2003–04 accounts as a post balance sheet event) were valued at £122 million.
The cost of advice sought was £2.2 million.
The main costs can be broken down as follows:
£000 1. Legal advice 970 2. Property Consultant costs 544 3. Surveying costs 515 4. Accounting, tax and other technical advice 160
Specialist advice was received from Eversheds (Legal), King Sturge (Property Specialists), PriceWaterhouseCoopers (Tax) and PartnershipsUK (more General advice).