Search

Council enjoys unexpected £20m windfall from planned sale of Camden office buildings

PUBLISHED: 15:00 06 March 2014 | UPDATED: 15:55 07 March 2014

Cllr Theo Blackwell, cabinet member for finance, atop Camden Town Hall. Picture: Nigel Sutton.

Cllr Theo Blackwell, cabinet member for finance, atop Camden Town Hall. Picture: Nigel Sutton.

© Nigel Sutton email pictures@nigelsuttonphotography.com

The sale of eight ageing office buildings currently used by Camden Council staff will yield an unexpected £20million cash windfall for the authority as it prepares to move into brand new headquarters.

Council property for sale

156 West End Lane, NW6

Bidborough House, WC1 (sold to UCL)

Crowndale Centre, NW1

Town Hall extension, WC1

Jamestown Road, NW1

Roy Shaw Centre, NW3

98-100 St Pancras Way, NW1 (sold to developer)

Cockpit Yard, WC1

Last Wednesday, finance chief Cllr Theo Blackwell revealed to cabinet that the council would have £20million at its disposal following its move to new £123m headquarters in King’s Cross this summer.

This cash had not been expected in 2010 when the council drew up its business plan for the new HQ and predicted the sale of the current office buildings would simply raise enough to fund the new building, according to Cllr Blackwell.

But following two revaluations in line with rising property prices in Camden, Cllr Blackwell now expects more from the deal.

He said: “The business case was based on a very conservative estimate in 2010. When we revalued in 2012, we realised it could do all the things we wanted to do and beyond.”

After the 2012 revaluing, Cllr Blackwell said there were sufficient funds to build 250 affordable homes on a number of the office sites set to be sold. The additional ­revaluation identified the £20m.

Cllr Blackwell said the council “haven’t decided” what to do with the cash but he was “minded to use it to pay off short-term debt” which would save the council around £2m a year.

He added: “It means that Camden as a large landowner has been able to take advantage of the rising property prices and reinvest it into public assets and ease the burden on the tax payer.

“We are able to do some good with the property boom and in doing so we’ve got rid of old buildings that weren’t very efficient to run.

This prepares us for the next round of cuts so that for the first time in 40 years the council has investment in its infrastructure.”

0 comments

Latest Hampstead & Highgate News Stories

Fri, 16:24

A man who started his first business at the age of 14 and who has dedicated his life to entrepreneurialism is hoping to turn Holborn and St Pancras blue.

Fri, 15:01

The introduction of plans to relocate a 110-year-old library to a nearby arts centre has been met with resistance by users.

Fri, 14:48

A tax on salt, scrapping Trident and adding a penny to income tax were three solutions to the social care crisis put forward in a general election hustings yesterday.

Fri, 08:00

Villagey Hampstead and Highgate are among the most desirable places in the country to live - but these five maps reveal stark differences in social inequality throughout the borough of Camden.

Thu, 19:16

Police have released an image of a man they want to speak to in connection with a sexual assault.

Thu, 17:34

Naturists are campaigning this summer to be able to enjoy the Heath and will be carrying out informal polls to gauge public opinion.

Thu, 16:51

An army of schoolchildren, staff and parents have raised £2,000 by taking part in a sponsored walk around Highgate Woods.

Thu, 16:14

A philanthropist and former refugee has urged the next government to ensure the safe passage of thousands more children, as he shared a stage with two Syrian refugees.

PROMOTED CONTENT

Often one of the most daunting parts of going through a divorce or separation is knowing what steps to take first and how to deal with financial issues which arise. Here, Jessica Palmer of Streathers Solicitors in Hampstead, offers answers to commonly asked questions

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Most read Hampstead & Highgate news

Show Job Lists

Digital Edition

cover

Enjoy the
Hampstead & Highgate Express
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now