Wed, 09 Nov 2011 | COMMERCIAL PROPERTY
The government has announced plans to sell off London’s Admiralty Arch as part of a bid to levy funds from its property portfolio.
The iconic building – which is located on Trafalgar Square – is no longer suitable for use as a government office building, Francis Maude, minister for the Cabinet Office, told Channel 4 News.
Whilst Admiralty Arch currently lies mainly empty, the building could be turned into a new commercial venture or even residential apartments by the new leaseholder. The government is hoping that the sale of the building’s leasehold could bring in up to £75 million in much-needed funds.
The sale of the commercial building represents part of a wider push by the government – one of the UK’s biggest landowners – to boost the efficiency of its vast property estate. A further 36 properties across London have been vacated by the government since May 2010, saving a substantial £90 million.
During a speech at the recent Public Property Summit, Mr Maude said, “Admiralty Arch is not fit for a modern day office and could not be adapted without disproportionate costs to the taxpayer.
“Let's not forget that it's not at all accessible to the public at present, so we are looking for ways to preserve this beautiful building, celebrate its history and heritage, create opportunities for public access and generate value for the taxpayer,” he added.
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