Rationalising the public estate is a top priority for the Government. Last month, it released very promising statistics on its success so far in this area, with regard to buildings sold and capital raised. Also outlined were plans to release land for 25,000 homes by 2020. Clearly there is an urgent need to build more houses in the UK, but the country is also suffering from a crisis in health, social and elderly care which must be considered in the transformation of the public estate.
In the five years since the launch of its estate strategy, the Government has already reduced the number of its properties by more than 1,000, raised £2bn in capital receipts and benefitted from annual efficiency savings of £300m. As it now looks to further enhance its drive to rationalise its estate, assign land released to more productive use and deploy the fresh funds generated, it would be sensible to ensure both housing and social care are also addressed.
While for many local authorities the immediate concern - and most immediate financial benefit - may be derived from freeing up land for housing, releasing land for purpose-designed elderly living might generate greater long-term social and financial benefits.
Read Kirk's full article on CoStar's website, here.