Mon, 04 Jul 2011 | COMMERCIAL PROPERTY
Carlisle City Council is hoping to raise £30 million at the very least through an unprecedented sale of its assets and properties.
The council has outlined plans to dispose of more than 50 pieces of the abundant council property portfolio, including the freehold of Carlisle Airport, the Annetwell Street premises of BBC Radio Cumbria and the University of Cumbria’s city-centre campus.
The details of the plans for the sale were only revealed when the local newspaper, The Cumberland News, obtained a copy of a report put together by local consultants Montagu Evans, entitled Property Portfolio Options.
The document - which was adopted as policy by city councilors in April, during a private meeting - was stamped 'private and confidential' and 'exempt from the Freedom of Information Act'.
The sell-off will take place over the course of the next five years. The leader of the council, Mike Mitchelson, said, "We have made a strategic decision. Now that the Northwest Regional Development Agency is being wound up there is no-one coming up with cheques for investment and regeneration.
"The council is a major landowner and we need to maximise the use of our assets to maximise economic growth within the city."
Money from asset sales cannot be used for day-to-day spending, according to Government rules. It could, however, be used on major development projects, or reinvested into property that would be more effective in raising valuable funds for the council.
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