Government ‘to set up office property vehicle’
The government is planning to set up a central property vehicle to own and manage its portfolio of office property in London and Bristol. PublicPropertyUK.com today says that the unit, to be launched in April, is seeking a private-sector partner, to bring funding and know-how to the project.
The proposal is part of the government’s plans to cut public spending as part of the Comprehensive Spending Review. According to PublicPropertyUK.com, it involves transferring the control of offices in London and Bristol from individual government departments to the Government Property Unit, which is led by John McCready. Departments would have to request property from the portfolio depending on requirements, acting as clients of the unit. McCready may give more details at the Public Property Summit on November 1-2 in London.
The website says full-scale outsourcing is unlikely. In London, the government occupies around 24m sq ft, concentrated in central London and Croydon. In Bristol, the Ministry of Defence has a strong presence. Its 1.3m sq ft Abbey Wood complex is among the largest office developments in Europe, the website notes.
