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Ministry of Defence sold 55,000 housing units to Annington in 1996 on 770 sites. It then rented them back on 200-year under leases from Annington Property Limited.
The Department originally secured a 58% adjustment to open market rents on properties during the first 25 years of the contract. From 2021, the rents will be reviewed on a site-by-site basis.
The extent of any continuing adjustment to normal market rents from then on is unclear. The report examines the value for money of the original sale and leaseback of the Annington estate.
