The Queen's bit of Terminal 5
I was amused by this bit (at the bottom of a longer article on how BAA might run out of cash next year....) I wonder if we could persuade Prince Charles or her Majesty not to agree to let BAA have the section of the Longford River under the third runway..........----------------------------------------------------------------------http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article3256269.eceTERMINAL PROBLEMBAA could be hit with an estimated £20m bill by the Crown Estate after it emerged the Queen’s property company owns a “ransom strip” under the airport owner’s flagship £4 billion Terminal Five development at London’s Heathrow, writes Jenny Davey.BAA is now locked in talks with the Crown over a compensation package that could stretch to tens of millions of pounds, according to experts.The Spanish-owned business insists that it knew the Crown owned the strip of land before it started construction of T5. But it pressed ahead with the work before a compensation figure had been agreed.The Crown Estate hands over all its revenue to the Treasury each year in return for the Civil List, which pays for the upkeep of the royal family. Property experts said the Crown had a duty to press for the highest possible compensation for the land from BAA because taxpayers’ money was at stake.The row centres on the Longford River, one of two river channels that have been diverted around the perimeter of the airport as part of the development.In a statement, the Crown Estate and BAA confirmed they were in talks but refused to comment on how much compensation would be paid.The Crown said: “The Crown Estate owns a strip of land under Heathrow Terminal Five. At the request of BAA and in the interests of allowing this major scheme of international importance to progress unhindered, the Crown Estate allowed the development of the terminal to begin, on the basis that suitable compensation would be agreed during its construction.”
Tim Henderson ● 6387d0 Comments