LSE bid

The London Residuary Body fulfilled its statutory duty to get the best price possible in selling County Hall to Japanese property dealers Shirayama, rather than the London School of Economics, the Commons Public Accounts Committee said in a report this week. But the LSE should have had more time to mount its bid, and the LRB should have got an up-to-date valuation of the property and forseen that Shirayama would drop its bid as the property market fell.