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CSR confirms Government Property Units

28 October 2010

Plans to introduce two property vehicles to own and manage the Government's office estate, one based in central London and the other in Bristol, were announced as part of the Comprehensive Spending Review.

In the Comprehensive Spending Review 2010, the Chancellor, George Osborne, announced that the Government Property Unit under JohnMcCready would make ‘substantial gains’ by co-ordinating property asset management across central government departments. The Government’s £370bn estate costs about £25m to operate, of which over half is down to the NHS and MoD estates. Government is the UK’s largest landowner and largest tenant.
It has also been announced that government departments will be asked to act as ‘clients’ of the Government Property Unit vehicle and ordered to pay ‘market rent’ back to the Property Unit. Chancellor George Osborne said potential savings on administrative costs, including property, were double the expected level of £3bn.
The review also includes a new system of National Property Controls that imposes a moratorium on government leases and renewals.

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