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In the wake of government cuts, councils are finding themselves being ever more cautious with expenditure, and even searching for alternative means of generating capital. This has led to many councils managing their property assets more efficiently, refurbishing, increasing rents, attracting new tenants and making use of unoccupied sites. Assets worth £10.6 billion have been sold off, between 2010 and 2015 alone, by the councils in London. Improvements in energy performance have also been high on the list in a bid to reduce the running costs of properties.
Camden Council is facing cuts to its budget of £171 million by 2018/2019, and is the latest example of a local authority becoming more commercially minded. The Grade ll listed Town Hall is due for refurbishment and will provide 9,600 sqft of office space dedicated to startup companies, along with 31,000 sqft of general office space. The aim is to attract tech, creative and life sciences companies that cater to business demands and bring a boost in services to the area.
Morgan Pryce Director Fraser Williams, says: “Streamlining their operations in property terms is just one of the many innovative ways councils are looking to make capital, improve their efficiency and counteract the cuts to budgets. Camden Council are already leasing the roofs on council-owned flats to telecoms companies for a healthy profit.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.