Tue, 12 Jul 2011 | COMMERCIAL PROPERTY
Cardiff City Council is planning a range of "major disposals" of its properties in the coming year, making way for a number of commercial property and development opportunities.
The plan is part of a long-term strategy from the local authority governing the Welsh capital, through which it aims to close and sell a significant number of the 51 office buildings in its property portfolio over the next five years.
The disposals this year alone are predicted to generate more than £5 million, which will help to plug the funding gap of £90 million it is facing in the coming three years. It will also help towards its growing maintenance bill for the properties of more than £84 million, £48 million of which is classed as 'essential'.
The council has been devising a new property strategy ever since the Welsh Assembly Government auditors highlighted the deficiencies in the council's asset and property management plans last year.
The local authority has brought in a corporate property and estates manager to develop a land and property strategy, and to start orchestrating commercial sales. The strategy will see the body's administrative work brought in to take place in just four properties, rather than having it spread out across the city, as it is now. The four centres are County Hall, City Hall and the Willcox House and Global Link offices in Grangetown.
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