Wed, 09 Nov 2011 | COMMERCIAL PROPERTY
The government has announced plans to sell off London’s Admiralty Arch as part of a bid to levy funds from its property portfolio.
The iconic building – which is located on Trafalgar Square – is no longer suitable for use as a government office building, Francis Maude, minister for the Cabinet Office, told Channel 4 News.
Whilst Admiralty Arch currently lies mainly empty, the building could be turned into a new commercial venture or even residential apartments by the new leaseholder. The government is hoping that the sale of the building’s leasehold could bring in up to £75 million in much-needed funds.
The sale of the commercial building represents part of a wider push by the government – one of the UK’s biggest landowners – to boost the efficiency of its vast property estate. A further 36 properties across London have been vacated by the government since May 2010, saving a substantial £90 million.
During a speech at the recent Public Property Summit, Mr Maude said, “Admiralty Arch is not fit for a modern day office and could not be adapted without disproportionate costs to the taxpayer.
“Let's not forget that it's not at all accessible to the public at present, so we are looking for ways to preserve this beautiful building, celebrate its history and heritage, create opportunities for public access and generate value for the taxpayer,” he added.
A leading dental practice situated in the heart of London, providing exceptional dental care in a comfortable and welcoming environment.
LEASEHOLD
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
Discover a leading innovator in data centre solutions, recognised as a top supplier both in the UK and internationally, with a robust consultancy arm contributing to a growing turnover.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.