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Commercial Property News
Government to sell £35 billion of commercial property
The government is to sell off portions of its commercial property portfolio over the next decade in order to cut the deficit in public spending.
A new report has revealed councils and other public bodies will dispose of business property worth £35 billion during the next ten years.
In the Treasury's Total Place Report, plans have been outlined to generate "significant savings" in the public sector by improving efficiency and reducing costs.
"Further work is needed to develop effective local models for aligning fresh investment in capital assets with the effective strategic management of current assets," it stated, noting that up to £35 billon can be raised "from sales of surplus assets".
Trials have already taken place in Kent and Worcestershire, which have business property estimated at roughly £6 billion and £3 billion respectively.
In this week's budget, chancellor Alistair Darling announced relief for small companies in the form of exemption from business rates for a period of 12 months, a move that was welcomed by retail bodies.
A new report has revealed councils and other public bodies will dispose of business property worth £35 billion during the next ten years.
In the Treasury's Total Place Report, plans have been outlined to generate "significant savings" in the public sector by improving efficiency and reducing costs.
"Further work is needed to develop effective local models for aligning fresh investment in capital assets with the effective strategic management of current assets," it stated, noting that up to £35 billon can be raised "from sales of surplus assets".
Trials have already taken place in Kent and Worcestershire, which have business property estimated at roughly £6 billion and £3 billion respectively.
In this week's budget, chancellor Alistair Darling announced relief for small companies in the form of exemption from business rates for a period of 12 months, a move that was welcomed by retail bodies.
Fri, 26th Mar 2010