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London embassies
Embassies in London are worth a lot of money
IN 2009 America sold its embassy in fashionable Grosvenor Square for a reported £500m ($800m) to Qatar's sovereign wealth fund. By 2017 its new embassy should be ready in gritty Vauxhall. The details of embassies' ownership or leaseholds2 are not known, but a new survey has created a sort of “fantasy embassy valuation”, estimating how other nations could be cashing in.
The report, by Spear's, a magazine, and Lichfields, a buying agent, suggests that the embassies of Japan, Germany and Saudi Arabia could be worth more than £100m each (assuming they were sold as residential3 freeholds). More surprisingly, the Nepalese embassy and Zambian high commission, both in Kensington, are worth £30m and £40m respectively. Many members of the British Commonwealth4 gained locations in central London decades ago: Uganda, Zimbabwe and Tanzania have swanky central digs that would fetch a fortune.
Some are already liquidating5 their assets. Canada sold the long lease on Macdonald House, its consular6 section in Grosvenor Square, for £306m last year. The Dutch embassy on Hyde Park Gate is for sale and could fetch £150m. The Chinese may sell their embassy in Portland Place and search for a new site, perhaps also in Vauxhall.
The cheapest embassy appears to be North Korea's semi-detached house in Gunnersbury. But least proportionate to national wealth could be the consulate7 of Tuvalu, based in a £750,000 property in Wimbledon. If sold, it could pay off 11% of the tiny state's national debt.
1 envoy | |
n.使节,使者,代表,公使 | |
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2 leaseholds | |
n.租赁权,租赁期,租赁物( leasehold的名词复数 ) | |
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3 residential | |
adj.提供住宿的;居住的;住宅的 | |
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4 commonwealth | |
n.共和国,联邦,共同体 | |
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5 liquidating | |
v.清算( liquidate的现在分词 );清除(某人);清偿;变卖 | |
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6 consular | |
a.领事的 | |
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7 consulate | |
n.领事馆 | |
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