Examination of Witnesses (Questions 12220
12220. "If London Underground has elected
to commence its works on the site within three years of the practical
completion of the ramp, then the Promoter will offer the land
back within five years of such election.
12221. "The land that is offered back will
be the greatest interest that can reasonably be re-granted and
will include the air rights above and below the ramp.
12222. "This agreement is capable of assignment
by Hammerson and Domaine to another company or joint venture which
must be a property development company with experience of undertaking
property development, able to demonstrate a successful record
of delivering and undertaking commercial development schemes of
the size and nature envisaged on the site (including assessment
of experience in development in an urban area over, or in conjunction
with, railway infrastructure), and able to demonstrate that it
will commit the resources, skills and experience in developing
over railway infrastructure needed to take the development forward."
12223. That is the end of the statement. Thank
you very much.
12224. CHAIRMAN: This is going to be
in the form of a deed, is it?
12225. MR WALKER: It will certainly be
either a contract or a deed.
12226. CHAIRMAN: It will have to be a
deed, will it not, because, otherwise, it is not going to be able
to be assigned?
12227. MR WALKER: In that case, there
will be a deed, yes. Thank you for your assistance!
12228. CHAIRMAN: Anyway, that is happy
news and I am delighted that you have been able to tell us about
12229. MR WALKER: Thank you very much.
12230. LORD JAMES OF BLACKHEATH: Mr Walker,
is there any formula attached to this for fixed price at final
12231. MR WALKER: Any formula?
12232. LORD JAMES OF BLACKHEATH: Yes,
is there any formula agreed for the final transfer? Are there
any price formulas attached?
12233. MR WALKER: There is no price settled
as yet, no. That will be decided in the absence of agreement by
the Lands Tribunal.
12234. MS LIEVEN: It will all be done,
my Lords, under the normal provisions of the Land Compensation
Scheme and normal valuation principles. There is nothing special
12235. LORD JAMES OF BLACKHEATH: It sounds
good when you say it that quickly!
12236. MS LIEVEN: Mr Mould will be handling
the details of that, not me.
12237. CHAIRMAN: There was nothing else
to be interposed, was there?
12238. MS LIEVEN: No, my Lord, that was
the only thing, I think. Just so that your Lordships know where
the day is going, I understand that Land Securities have reached
agreement and will not be appearing, and the same for Moor House.
All it says is that they are not appearing, but I assume that
means that we have reached agreement.
12239. CHAIRMAN: Well, you are in the
process of trying anyway, are you not?
The Petition of Westbourne Park Villas