Thu, 22 Mar 2012 | COMMERCIAL PROPERTY
The White Cross Business Park in Lancaster could be sold off as part of council plans to regenerate the area, it has been reported.
The Lancaster Guardian reports that Lancaster County Council is looking for property experts to regenerate its portfolio of almost 100 properties. It is understood that the council hopes that the buildings can be used to stimulate the local economy.
According to the article, the council is seeking private sector developers who can unleash the untapped potential in its buildings, which are said to be worth around £20 million. Discussions are ongoing and it is believed that other commercial properties as well as the White Cross Business Park could be involved.
The White Cross Business Park was bought and renovated by Lancaster County Developments, the council's economic development arm, in 1982. Over 120 businesses now occupy the offices, which offer a total of 400,000 sq ft of usable space.
The Lancaster Guardian quotes Lancashire County Council leader Geoff Driver as saying, “We are exploring every way of marketing Lancashire’s assets to get the best value for the people of Lancashire. Rather than just selling these properties to the highest bidder, we are looking at becoming involved in a partnership with a developer.”
He added, “That is a better way to maximise the benefit of these properties for the county council and the taxpayers’ of Lancashire.”
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