Diplomatic bags

How much every embassy in London is worth, a speculative look at the value of non-sovereign land in the capital, conducted by Spears. From North Korea’s Islington semi (value c£750k) to the Americans’ £600m new structure in Vauxhall (their soon-to-be-vacated tranche of Mayfair sold for £500m), the total value is something in excess of £4bn (set against an estimated total value of £1.5 trillion for the city’s entire housing stock). ‘Russia pays only £1 a year, thanks to a 1991 agreement; conversely, the UK pays one rouble a year for our embassy in Moscow.’

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