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Government sheds more than £5m in surplus assets

Friday, 17 May 2013

Sales of surplus Government property have raised more than £5million as part of a review of assets by the Strategic Asset Management Unit of the Department of Infrastructure’s Properties Division, with plans for property worth more than £2m to be disposed of in this financial year. The Strategic Asset Management Unit has been working across Government with all Departments looking at land and property assets, considering the need for retention and monitoring capital receipts from disposal of such properties. Since the unit was established in 2010, sales have realised more than £5m. The Unit has also been working with Departments with an aim of reducing annual revenue expenditure in the office portfolio, with more than £700,000 saved to date.

Minister David Cretney MHK said

'Government has successfully disposed of over £5m worth of surplus land and property assets, and a number of significant disposals and development opportunities have been identified for this and future years.
Government has a significant and extremely varied property holding, and assets sold include surplus retail premises, offices, a former surgery, several houses and parcels of land.'
Mr Cretney added:
'Since formation, the Strategic Asset Management Unit has worked across Government and the Statutory Boards to assist in bringing forward sites for either disposal or development and in addition to the disposals there are now a number of sites cleared or in the process of being cleared to facilitate future development, such as the Victoria Road prison, Park Road school and the former Abattoir site at Tromode.
In addition to reducing ongoing liabilities and providing a capital receipt to Government, a number of the properties sold have already been refurbished by their new owners providing valuable opportunities within the construction sector.'

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