Search
 

Hackney Begins Property Sell-Off

LONDON-The cash-strapped borough of Hackney is planning to sell off its surplus property assets in a bid to stave off financial crisis. Agent Nelson Bakewell has won the sales instruction.

By Graham Parker | Updated on July 04, 2001

LONDON-The inner-London borough of hackney plans to sell £70 million ($99 million) of property assets during the current fiscal year in an attempt to stave off a financial crisis. Agent Nelson Bakewell has been instructed by the council to handle the sales.

The sell-off will begin with the sale of 62 properties which is expected to raise in excess of £40 million ($56 million). Another 190 properties are also being evaluated and are expected to come to the market later in the year. Nelson Bakewell Director James Cannon – who is advising on the sales – said: ‘We have been working with the borough and their strategic property advisers Donaldsons to identify those properties which are obsolete or surplus to requirements. With the movement of local authorities from being service providers to service enablers, there is clearly an opportunity to raise capital for reinvestment.’

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.