UK government to pay $460M to make Buckingham Palace less of a fire hazard

This will be the biggest refit since World War II

TRD New York /
Nov.November 19, 2016 02:00 PM

The U.K. government will give the Queen a $460 million allowance over the next 10 years to pay for repairs to make Buckingham Palace less of a fire and flood hazard.

The 66 percent pay raise — distributed through the Sovereign Grant — will replace the palace’s 33-year-old boilers, 60-year-old electrical wiring and lead and cast iron pipework, the Guardian reported. Officials said that without the repairs, there’s a risk of “catastrophic building failure.”

Queen Elizabeth II will stay at the palace — which serves as her administrative headquarters — while the repairs are done over the next 10 years. Though it doesn’t seem like she’ll be thrilled that she doesn’t have to move out. The palace, according to the Guardian, is her least favorite royal residence.

Some elected officials griped that the investment comes at a time of austerity in the U.K. Alex Cunningham, a member of parliament (MP), noted that the plans show an unfair difference in the distribution of public funding.

“I have always respected the fact that we have a royal family, but I know they also have vast wealth and I don’t know what sort of contributions they will be making towards this project,” he said.

Others noted that the government recently cut six MPs from Scotland to “save money.” [Guardian]Kathryn Brenzel 


Related Articles

arrow_forward_ios
Clockwise from left: Vornado CEO Steven Roth, Ralph Lauren, 650 Madison Avenue and the Starrett-Lehigh building (Getty, VNO, Wikimedia)

New round of layoffs as NYC struggles to come back

New round of layoffs as NYC struggles to come back
Sam Chang and 140 West 28th Street (Gene Kaufman Architects)

Sam Chang sells hotel in Chelsea for $147M

Sam Chang sells hotel in Chelsea for $147M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Magna CEO Robert Indeglia with the Courtyard by Marriott 307 West 37th Street and the Fairfield Inn & Suites at 325 West 33rd Street (Google; Magna)

Magna Hospitality emerges as New York’s hotel vulture

Magna Hospitality emerges as New York’s hotel vulture
Ashkenazy Acquisition's Ben Ashkenazy and Marriott East Side at 525 Lexington Avenue (Google Maps)

Lawsuit accuses Marriott of misappropriating funds at East Side hotel

Lawsuit accuses Marriott of misappropriating funds at East Side hotel
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
Courtyard by Marriott in Herald Square and Marriott CEO Arne Sorenson (Google Maps, Getty)

Courtyard by Marriott in Herald Square to close permanently

Courtyard by Marriott in Herald Square to close permanently
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...