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Royal Residences

Treasury written question – answered on 11th October 2004.

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Photo of Alan Williams Alan Williams Labour, Swansea West

To ask the Chancellor of the Exchequer what the basis of valuation of the lease for the cottage in Windsor Great Park previously occupied by the late HRH Queen Elizabeth the Queen Mother was; and who carried out the valuation.

Photo of Stephen Timms Stephen Timms The Financial Secretary to the Treasury

The terms and valuation of the lease were negotiated between The Crown Estate as landlord and HRH The Duke of York as tenant. Agents were appointed by both parties and were required to agree the terms of the lease on a commercial basis for the lease period of 75 years.

The rental valuation was to take into account the requirement of the landlord for the tenant to restore and modernise the property at his own expense to an agreed standard.

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