Holyrood value falls £80m short

Changing requirements drove up the building costs

The controversial Scottish Parliament building has been valued at £80m less than it cost to build.

An independent valuer has told the parliament's corporate body (SPCB) that the cost of rebuilding Holyrood to its original specification would be £350m.

The actual cost of £430.4m includes the extra expense caused by delays and changes to the architect's design.

Scottish Tory leader David McLetchie said the figures proved the "appalling mismanagement" of the Holyrood project.

Heavy price

Mr McLetchie said: "It is staggering to think that the site could be demolished, cleared and rebuilt for so much less than it first cost.

"Most people's own homes are insured for more than their open market value which makes me wonder; what is the true value of the Scottish Parliament?

Most people's homes are insured for more than their market value, so what is the true value of the Scottish Parliament? David McLetchie Scottish Conservative leader

"This is further proof - if proof were needed - of the appalling mismanagement of the Holyrood project from day one, for which the taxpayers of Scotland have paid a heavy price."

SPCB officials insisted that the valuation was a book-keeping exercise to comply with UK Treasury rules.

The £80m discrepancy was attributed to the cost of delays and disruption caused by security measures and other design changes imposed during the construction of Catalan architect Enric Miralles' vision.

But Mr McLetchie said the inflated cost was the result of "inept and disastrous decisions" by Donald Dewar, both as Scottish Secretary and later as first minister, and his ministerial colleagues.