Council Budget Increase
The City Council has brought in over £30m of income from selling land and property it owns over the last two years – with over £90m more in the pipeline over the next few years.
The council owns over 3,600 property assets with a combined asset value of over £1bn and is undertaking a rationalisation programme to identify whether it remains appropriate to continue to hold particular assets or to sell them.
Commercial properties may no longer be providing sufficient return or be in need of expensive repairs, while the potential social value of community assets will be taken into account when considering possible sales. Over that time, more than £30m of income to the council has been achieved through sales – beyond estimated targets.