Publicly Owned Land

Part of Oral Answers to Questions — Defence – in the House of Commons at 12:00 am on 29 November 1988.

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Photo of Hon. Tim Sainsbury Hon. Tim Sainsbury , Hove 12:00, 29 November 1988

I remind the hon. Gentleman that Royal Ordnance was sold as a company with all its obligations and all its assets. Furthermore, that sale was the result of a satisfactory competitive tendering process on the open market and the highest bidder succeeded in obtaining the company. I remind the hon. Gentleman that we obtained an open market value, including development potential, of the property about which he is expressing so much concern, and that the figures were extremely low—so low that we did not reveal them to the prospective purchasers because we thought that they would have a more optimistic assessment.