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

PRINCIPAL TRANSPORT PLANNING OFFICER

Hull City Council
£43693 - £46731
We have an exciting opportunity for an experienced professional to join our team in Hull as a Principal Transport Planning Officer. Kingston upon Hull, East Riding of Yorkshire
Recuriter: Hull City Council

HIGHWAYS AND TRAFFIC ENGINEER - 4 POSTS

Hull City Council
£43693 - £46731
We have several exciting opportunities for suitably qualified Highways Civil Engineers and Traffic Engineers Wilson Centre, 1st floor, Hull HU1 2AG
Recuriter: Hull City Council

Strategic Director, Finance and Resources (S.151 Officer)

Blackburn with Darwen Borough Council
£110,799 - £120,706
Blackburn with Darwen is a distinctive, welcoming and vibrant borough with a strong identity and a genuine buzz about the place. Blackburn, Lancashire
Recuriter: Blackburn with Darwen Borough Council

Residential Worker, Edge of Care Service

Durham County Council
Grade 7 £29,093 - £32,654 PAY AWARD PENDING
Join a Groundbreaking Team Supporting Families in Seaham Salary
Recuriter: Durham County Council

Bikeability Cycling Instructor

Durham County Council
Grade 4 £24,790 to £25,992 pro rata (Pay Award Pending)
The Road Safety Team are keen to recruit additional Casual Bikability Instructors to join our team of instructors delivering Bikeability cycle trainin Durham
Recuriter: Durham County Council
Linkedin Banner