Commercial property owners with their eye on development opportunities may soon be able to access a new resource if Communities and Local Government Secretary, Eric Pickles has his way.
The minister is urging councils across the UK to publish individual lists of how much property they own in each borough.
A ‘demo’ map has already been produced, showing more than 180,000 assets, held by nearly 600 public sector bodies, including Central Government and 87 councils.
Commercial property listed includes at least 60 theatres, more than 100 pubs, around 130 cafes and restaurants, roughly 20 cinemas, over 40 hotels, including three Holiday Inns, Swindon Football Club, and an airport in Southend.
Reports suggest local authorities own approximately two thirds of the reported £385 billion worth of public sector assets, many of which the government believe could benefit from better property management. It wants to see ownership of land and property catalogued, to help ‘find innovative new ways’ to make use of any commercial property that may currently be derelict or under-used.
In February, Grant Shapps introduced a new law, the Community Right to Reclaim Land. Members of the public would be given the chance to redevelop public sector land and buildings, said the housing minister, as he spoke of allowing communities the chance to see ‘what local opportunities there are for development’.
Pilot projects have now been carried out, which found savings averaging 20 per cent could be made by ‘rationalising public assets or co-locating local services based on customer needs’.
One case study at Worcestershire Council revealed 39 separate buildings were being used for training and conferences.
What could this mean for those seeking commercial property development opportunities? Reports suggest the initiative will offer opportunities for community organisations to buy land and buildings. The question is – will these opportunities also be extended to the private sector?
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