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Council aims to make the most of its property

Archived press release

Date Published: 09/10/07

Aylesbury Vale District Council is embarking on a major project to improve the way it manages its commercial property assets. The council is looking to team up with the private sector to secure major investment in its existing commercial property...

Aylesbury Vale District Council is embarking on a major project to improve the way it manages its commercial property assets.

The council is looking to team up with the private sector to secure major investment in its existing commercial property portfolio.

The project aims to ensure that the commercial property owned by the council meets the needs of modern business and continues to provide income in support of council services. The property is occupied by business tenants and produces around £4 million in rental income per year.

The council intends to enter into a partnership with an organisation from the private sector to help move its commercial property into the next phase of its life and provide funds to invest in the portfolio. Drivers Jonas, a private partnership of commercial property consultants, has been appointed to help the council select a partner.

AVDC has around 250 commercial premises in the district including small industrial units, shops and office accommodation. Occupying businesses range from  local firms to international companies.

Tenants have been informed of the council’s proposals and will be sent further information as the project develops. It is anticipated that a partner will be appointed in 2009.

Councillor Michael Edmonds, Deputy Leader and Cabinet Member for Economic Development, said: “Offering good quality business property acts as a catalyst for growth. We want to improve the availability and standards of our commercial properties so that businesses can expand in or relocate to Aylesbury Vale.

“The public-private partnership offers the council real opportunities to improve its commercial property portfolio for the benefit of local businesses. It will combine the business processes of the private sector while maintaining the public sector conscience. We are very confident that it will be a successful move both for us and our future partners.”

Stuart Knight, Associate Partner, Drivers Jonas, said: “Local authority investment property is often an ‘untapped’ resource, and the Local Asset Backed Vehicle provides a tremendous opportunity for the council to support its corporate priorities in an innovative way.”

 

Contact information

Telephone:

01296 585099

Email:

communications@aylesburyvaledc.gov.uk