TNAG-2968-FCO40-4247-Future-of-Hong-Kong-British-Consulate-General-inclusion-of--1993 — Page 14

25-11-1993 16:42

Hicp 406/13952 8101547

RECEIVES R

- 1 DEC 1993

ON SK OFFICEF

SWIRE PROPERTIES PROJECTS LIMITED

33rd Floor. One Pacific Place, 88 Queensway, Hong Kong Telephone 8443888 · Facsimile 8101547 · Telex HX 71217

FACSIMILE

Our Ref: BCG/JDH/s1/541

P.01

0162

The Swire Group -

COMPANY

Overseas Estate Dept.

25 November 1993

TO

Mr Alex Smith

FROM:

DATE:

John Holdaway

NO. OF PAGES.

(INCLUDING THIS PAGE)

COPY TO:

2

Stephen Whittle

ANY QUERIES REGARDING THIS TRANSMISSION PLEASE CALL... 8443913

Alex

British Consulate

General. Hong Kong

URGENT

Stephen Whittle has asked me to direct correspondence absence.

to you in his

In a recent fax Stephen asked for advice on the potential value of the Consulate site given "unencumbered development rights". I have passed this to our Valuations department who have produced the accompanying valuation of the site.

This assessment assumes

commercial development.

that the site is sold on the open market for

The planning regulations would permit development of 15 times the site area in this location. The valuation assumes a speculative office development finished to an appropriate

standard.

The present day value of the HK$5,450,000,000.

Regards

Jun

John Holdaway

Encl

CCM whillle MPG

por Simms Ppu

site is

assessed to be approximately

Mrs Barnes-Jones HK Deft separate copies.

Mr

Wootter

1.

2.

3.

4.

RFD

Your minutes of 17 = 23 refer.

a

the

DED also have reservations about usry the "land value" element in calculating chamber's rent forticularly

Яво орося

involved is relatively small.

(i) a (ii) are within As Mr Worthon's options (i) a(ii) the Treasury guidelines I do not think there is my need to seek fürtler guidare from

filla Treasury.

with reference

to

my draft lette to Treasury secting full affroad to the project I still await comments from Economic Advises CRD: the latter (Mr Elam) are discussing it will B.C. I am now away until 2nd Dec. If any action is required or this aspect during my absence

please contact Steptor dimms.

Alen miel.

267179]