Budget 2015: Government to create its own property management company

 
Kasmira Jefford
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A new central body overseen by the Treasury will own and manage property (Source: Corbis)
The government aims to copy the commercial sector by creating a property management body to oversee its estate and help meet its target of selling £5bn of land and property by 2020.

Budget documents released alongside the chancellor’s speech said the government will take a more “commercially driven approach” in managing its estate.

As part of the shake-up, a new central body overseen by the Treasury will own and manage property. Government departments will be also charged market-level rents in their own buildings.

“This will help drive better strategic oversight and management of the estate, and provide greater incentives for departments to rationalise the space they occupy,” it said.

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