Wed, 12 Sep 2012 | COMMERCIAL PROPERTY
The government has been urged to sell off unused commercial properties in order to cut costs and to help improve market conditions.
The Public Administration Committee (PAC) warned some departments that are currently operating like “financial silos”, that they can't continue to hold on to unused property on their books when a sale could benefit the wider public finances.
Margaret Hodge, committee chairman, commented: “[The Government Property Unit] should also get on with selling buildings, rather than holding on in the hope of a future rise in property prices.”
The Government Property Unit (GPU) was established in 2010 in a bid to improve the use of government-owned buildings. However, PAC's research suggests that it needs to improve its co-ordination across departments.
A spokeswoman for the Cabinet Office told the PA: “Taxpayers should not foot the bill for unnecessary property. There is more to do to drive out inefficiency and we will consider all of the PAC's recommendations carefully.”
She added that there are plans to offer empty office space to SMEs and local organisations in a bid to encourage business growth.
If the government sells off a substantial number of buildings, investors could find themselves with some interesting potential commercial property acquisitions in the coming few months.
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