§ Mr. CohenTo ask the Secretary of State for the Environment, Transport and the Regions what(a) negotiations and (b) consultations took place prior to his Department selling the site of Leyton Yard to Asda; which other potential purchasers expressed an interest and how the sale decision was determined; what amount was agreed; how much of the proceeds will be paid to Government and how much to other parties; what conditions were attached to the sale agreement; and if he will make a statement. [89017]
§ Ms Glenda JacksonUnder the Channel Tunnel Rail Link (CTRL) Development Agreement, London & Continental Railways (LCR) is permitted to dispose of land, transferred to them under that Agreement, which the Secretary of State determines to be surplus to the needs of the CTRL Project. Leyton Yard is such a site. The sale of the Leyton Yard site, as with other sites which may be declared surplus, is subject to a clawback which returns half the proceeds to the taxpayer, allowing for the costs of site development and sale. London & Continental Railways' share of the sale proceeds has to be used to fund the CTRL project. The disposal price of Leyton Yard was arrived at through an open bidding process. I understand from LCR that, in addition to Asda, negotiations were held with other major supermarket chains. The final size of the clawback payment cannot yet be calculated as the development is still at an early stage. The non-cash terms of the agreement are a matter for LCR, but the agreement also delivers significant planning gains to the London Borough of Waltham Forest, and helps to facilitate and finance important local highway improvements.