Archway Tower (Hansard, 23 January 1997)

§ Mr. Freeman

Responsibility for this matter has been delegated, under the terms of its framework document, to the Property Advisers to the Civil Estate under its chief executive, Mr. Neil Borrett. The agency is therefore responding to these questions.

Letter from N. E. Borrett to Mr. Jeremy Corbyn, dated 22 January 1997: The Chancellor of the Duchy of Lancaster has asked me to reply to your Questions about Archway Tower. You will know from my letter to you of 29 April 1996 that PACE has responsibility for the building and although our marketing agents have been endeavouring to interest both the landlord and third parties in the property their efforts have so far proved unsuccessful. There is very little demand for un-refurbished office blocks built in the 1960s and early 1970s, even in the centre of London. In the current state of the office market Archway can be considered only a fringe location and we would need to be convinced that there was the likelihood of potential occupiers before the considerable cost of refurbishment was instigated. The services in the building, which is 25 years only, have come to the end of their economic life. The landlord has a secure rental income from Government until the lease expires in 2009 and is not prepared to accept a surrender of the lease on terms which we could accept even bearing in mind the high outgoings on the property. There has been some discussion with the landlord's agent as to conversion of the building to residential use by way of a joint sale and this is being pursued. With regard to your second question, because of vandalism security arrangements at Archway Tower have had to be stepped up and currently their costs amount to just over £30,000 per annum.