New Chinese embassy in east London

westernpromise

http://www.scmp.com/news/world/europe/article/2149216/landmark-uk-embassy-planned-east-london-china-rides-river-history

Situated in front of the Tower of London, on the teeming crossroad to Tower Bridge over the River Thames, the huge palace – built in 1810 – and its surrounding offices have remained empty since the last gold sovereign was struck there in 1975.

You do have to wonder !!!!!! is going on when the state leaves prime London property vacant and unlet for 43 years. The article says the site's worth £200 million. At a typical 4% yield for office property, that says we've squandered a third of a billion through not letting that site out.

Norman_Castle

Sold in 2010 so 35 years. I blame the government.

antrobus

Norman_Castle wrote: »

Sold in 2010 so 35 years. I blame the government.

This source says November 2009.
https://propertyeu.info/Nieuws/Delancey-acquires-Royal-Mint-Court-for-EUR-57m/76f840a9089e42b4a9a1564873a4d8c0

Delancey bought it from the Crown Estate for £51m. The government does not own the Crown Estate. It belongs to HRH, although I think the profits go to the treasury.

I'd guess that turning £51m into £200m is a reasonable return over a bit less than a decade.:)

The former Royal Mint was not left empty for all those years from 1975 onwards. This account here has some of the recent history.

http://ukbusinessproperty.co.uk/news/business/lpa-receivers-control-iconic-royal-mint-court

P.S. It also says that the Crown Estate sold their interest to Delancey for £51 million in June 2010. Presumably eight months from offer to completion is normal for 5 acres.

P.S.S, Ever since moving to Wales the Royal Mint has been profitable. It makes a 'mint' flogging commemorative coins I believe.