§ Mr. Mikardoasked the Secretary of State for the Environment (1) whether the London Docklands Development Corporation will be required to sell land to the Canary Wharf Consortium at the open market value for office land in the Isle of Dogs enterprise zone; and if he will make a statement;
(2) whether the district valuer will set a price for the sale of land sold by the London Docklands Development Corporation to the Canary Wharf Consortium; and if he will make a statement.
§ Mr. John PattenNo. But when the London Docklands Development Corporation sells land it is required to obtain a certificate from an independent valuer that the land price is not below current market value and, if that is unobtainable, it needs specific consent from my Department to the disposal of its land at a lower price. That valuation may be given by the district valuer. For Canary Wharf, however, it is our intention to obtain an independent, professional view that the terms of the agreement overall, and not simply the land price, are satisfactory.
§ Mr. Mikardoasked the Secretary of State for the Environment (1) what information he has as to the average price per acre of land for offices in the Isle of Dogs enterprise zone;
(2) what information he has as to the average price per acre of land zoned for housing on the Isle of Dogs.
§ Mr. John PattenIndividual prices vary widely for a number of reasons. But the price of land for both residential and office use appears to be about £1.5 million per acre.