Laura Sharman 17 April 2018

Northamptonshire County Council sells HQ in £64m deal

Northamptonshire County Council sells HQ in £64m deal image

Northamptonshire County Council has agreed the sale and leaseback of its new headquarters in a £64m deal.

The council has agreed to sell its One Angel Square headquarters to Canada Life Investments in an agreement lasting for 35 years.

‘We believe that this transaction is effective in leveraging the council’s assets and covenant allowing us to maximise the benefit of very competitive pricing at this point in the market,’ said leader of the council, cllr Matthew Golby.

He added: ‘The advice received is that this deal represents very good value for money for taxpayers of the county and generates more money than the construction costs of the building.

‘While this kind of deal may be less usual in the public sector the lease back arrangements being entered would be seen as standard finance practice in the private sector.’

Michael White, Canada Life Investments property investment director, said: ‘The long term rental stream is an ideal match for income annuity liabilities. It is another good example of private and public sectors working together in mutual benefit.’

Northamptonshire CC has asked for commissioners to be sent into the council as soon as possible, three weeks after communities secretary Sajid Javid announced plans of an intervention.

Photo: Flickr/Hazel Nicholson

Overcoming the barriers to Commercial Card use image

Overcoming the barriers to Commercial Card use

Want to reap the benefits of Commercial Cards but coming up against some challenges? James Sykes, Head of Commercial Cards, Lloyds Bank and David Legg, Head of Corporate Card Products, Lloyds Bank, discuss how the payments industry is helping organisations unlock their true value.
SIGN UP
For your free daily news bulletin
Highways jobs

Independent non-executive members of proposed NHS Integrated Care Boards

NHS
Competitive
Do you have the vision to shape the future of health and care for people in your area? Nationwide
Recuriter: NHS

Lead Community Protection Officer

Royal Borough of Greenwich
£37722 - £40869 per annum + value award of £2,472 per annum
2 x Lead Community Protection OfficersCommunity Protection Team(PO3 plus an incremental value award of £2,472 per annum) Permanent Our Community Prote England, London, Woolwich
Recuriter: Royal Borough of Greenwich

School Organisation Project Officer

Camden London Borough Council
£41,952- £48,663
We’re giving a platform to people inside and outside our community. Because, we’re not just home to the UK’s fast-growing economy. Camden, London (Greater)
Recuriter: Camden London Borough Council

Service Manager (Referral and Assessment)

London Borough of Richmond upon Thames and London Borough of Wandsworth
£60,426 to £74,202 per annum
Can you inspire, encourage, and develop excellent social work practice to make a real difference in the lives of children and young people? Wandsworth, London (Greater)
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Asset Management Team Administrator

The Royal Borough of Kensington & Chelsea Council
£26,544 - £30,618 per annum
The role is what you make it, and the more you put in, the bigger the difference you can make to... Kensington and Chelsea, London (Greater)
Recuriter: The Royal Borough of Kensington & Chelsea Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue