Laura Sharman 18 September 2014

Council assets at risk from being under-valued

Councils will redevelop £13.5bn of assets by 2020, signalling a move away from selling off buildings and land, a new report reveals.

Public Land, Public Good, published by think tank Localis in partnership with property developer Cathedral Group, found that councils are looking to redevelop assets to drive revenue income as opposed to selling for one-off capital receipts.

However, it warns that up to £2.3bn worth of those assets could be under-sold if they were just 10% under-valued by councils.

The report, which has gained cross-party support, calls for a local authority ‘hit squad’ to help maximise returns on council assets. It says 5% increase on the £13.5bn assets set to be could produce almost £700m of extra revenue.

Alex Thomson, chief executive of Localis, said: ‘As the report finds, it’s vital that we get maximum use out of public assets – not just now, but for the long term benefit of local communities. Our research concludes that local government is ideally placed to catalyse the development of public sector land and assets in their area.’

Richard Upton, chief executive of Cathedral Group, warned that less than a year since of the sale of Royal Mail, public land could be the next national sell-off scandal. He also added the opportunity to use public land to reshape services and address the housing shortage was in danger of being lost.

He said: ‘Public land is a vital asset for the whole country and we need to act quickly before we lose the opportunity to transform our town and city centres and provide much needed new amenities. Once this land is sold, it is gone forever.

‘With the ongoing austerity, local authorities are being put under increasing pressure to make a quick buck, and many simply don’t have the resources or expertise to work creatively with the private sector to keep land under public ownership.’

SIGN UP
For your free daily news bulletin
Highways jobs

Pensions Officer (Fixed Term - 6 Months)

West Northamptonshire Council
£34,203 - £37,067
The Pensions Service are looking for a highly motivated individual to join the pensions projects team as a Pensions Officer for a fixed term 6 month position.You will be performance focussed and driven to provide excellent customer service. You must demon Northampton
Recuriter: West Northamptonshire Council

Project Support Officer - Transformation

West Northamptonshire Council
£31324 - £33017
As a Project Support Officer you’ll help deliver transformative projects that make a real impact across West Northamptonshire Council. Working within a fast-paced Programme Management Office (PMO), you’ll collaborate with teams across the organisation Northampton
Recuriter: West Northamptonshire Council

Advanced Skills Worker

Essex County Council
£31931.00 - £36423.00 per annum
Advanced Skills WorkerPermanent, Full Time£31,931 to £36,423 per annumLocation
Recuriter: Essex County Council

Youth Justice Probation Officer

Oxfordshire County Council
£38220 - £38220
Oxfordshire Youth Justice Service is a dynamic and forward-thinking multi-agency partnership committed to preventing and reducing youth crime in the County of Oxfordshire. We are passionate about improving outcomes for justice-involved children, families Kidlington
Recuriter: Oxfordshire County Council

Family Support Worker - Family Help Team

Oxfordshire County Council
£34434 - £37280
The Family Solutions Service in Witney are seeking to recruit a Family Support Worker to join their Family Help Team. The successful candidate will be enthusiastic worker who is passionate about improving outcomes for children and young people. Witney
Recuriter: Oxfordshire County Council
Linkedin Banner