Government shrinks property portfolio by 22% through office sell-off

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The equivalent of 43 Shards or 336 football pitches has been slashed from the government’s property portfolio since 2010, it has been revealed.

Its estate has shrunk by 2.4 million square metres – a 22% reduction. It means that the total central government estate has fallen below 5,000 holdings for the first time and could fit inside the area of West Finchley.

The minister for the cabinet office and paymaster general Matt Hancock published the figures at the government property 2016 conference. Hancock was launching the latest State of the Estate report.

Reductions were achieved through selling under-utilised buildings, ranging from the Old War Office in the capital, to an old bakery and a lighthouse.

It was also announced today that the government plans to reduce its number of offices by 75% before 2023, moving from 800 to 200 offices.

Hancock said: “We’re determined to release property the government no longer needs and get out of expensive rentals that aren’t offering value for money.”

Source Article from http://www.standard.co.uk/business/government-shrinks-property-portfolio-by-22-through-office-selloff-a3172211.html

February 4, 2016 |
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