Wed, 23 May 2012 | COMMERCIAL PROPERTY
About half of the Royal Mail's London sorting office is due to be sold off in order to generate funds.
The centrally-located office is likely to be sold to developers for transformation, which should generate around £1 billion for the postal service. However, the project is unlikely to be completed until after the company's privatisation in about two years' time.
This has prompted concern that the new owners of the Royal Mail will strip it of its assets, rather than reinvesting to deliver an improved service.
Ian Murray, MP, the shadow postal affairs minister, urged the government to ensure that any profits made from land sales in the business are ring fenced for reinvestment into the modernisation programme, rather than siphoned off as profit.
He said: “There are currently no safeguards as to what might happen to any assets that might be sold. Some venture capitalists will be circling. They may buy it on the cheap, because the government are desperate to get rid of it and get it off their books, and then start selling off prize assets.”
The Mount Pleasant sorting office dates to the 1880s and is one of the Royal Mail's biggest freeholds.
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