Government land sales net £620 million
by Huub Nieuwstadt Tue 17th April 2018, 11:32 am
According to its annual property report, the government reduced its estate size by nearly 100,000sq m throughout 2017, earning £620 million in capital receipts.
The 2018 State of the Estate report noted large property disposals including the sale of a stake in London's King's Cross Central development, and the 3-ha Sunningdale Park estate in Berkshire. The government aims to raise £5 billion in sales by 2020.
The annual running cost of the estate has fallen by 8% to £2.57 billion as a result.
Oliver Dowden, minister for implementation, said: "This government is committed to maximising efficiency wherever possible, as well as providing savings for taxpayers.
"That is why we are transforming how we manage our property, with the total size and cost of running the central estate falling every year since 2010. We have also delivered savings of over £1 billion in annual operating costs since 2010, and a 25% reduction in the size of the estate."