Localis – General – UK, 13.5bn of public assets set for redevelopment by 2019
Author: Harry Hanscomb, Property Mall |
Local government think tank Localis today published a report in partnership with Cathedral Group that highlights the potential for public land and assets to be used for developing new housing, reshaping public services, and boosting local economies.
The report sets out that 13.5bn of public assets are set to be developed over the next five years.
The report found that councils are reacting to ongoing austerity by acting more like property developers, moving away from a mentality of simply selling buildings and land for one-off capital receipts, and instead looking to redevelop assets to derive revenue income from them that they can use to help support public services – with the proportion of redevelopments shifting from a third of all disposals to a majority of disposals over the next 5 years.
The report was launched today by the Minister for Housing and Planning, Brandon Lewis MP.
Receiving cross-party support from leading figures in local government and beyond, the report also recommends that:
- A local authority ‘hit squad’ of highly experienced officers should be introduced, tasked with maximising returns on council assets. The report suggests that if they could deliver a 5% increase on the 13.5bn assets set to be developed over the next five years, this would produce almost 700m of extra revenue.
- All arms of central and local government should be required to produce an annual register of assets which is made available to the public, increasing transparency as well as both supply and demand.
- Building on the Government’s One Public Estate programme, local authorities across the country should have a co-ordinating role for public service land in their locality, acting as custodians of their local communities.