MOPAC - disposal of land and property

Meeting: 
MQT on 2014-11-19
Session date: 
November 19, 2014
Reference: 
2014/4277
Question By: 
Stephen Knight
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor
Category: 

Question

How are you ensuring that, in selling assets now, the Mayor's Office for Policing and Crime (MOPAC) does not lose out on future increases in land and property values and the opportunity to gain valuable revenue income? To what extent were options for joint ventures and/or long-term leases (both of which would provide a longer term income stream) considered?

Answer

Answer for MOPAC - disposal of land and property

Answer for MOPAC - disposal of land and property

Answered By: 
The Mayor

MOPAC retain land and property to meet the operational policing requirements of the MPS.  Assets no longer required for policing are released, best value achieved and the value re-invested in real estate and technology.

Any offers considered for the acquisition of real estate must reflect MOPAC's standard requirement for a five year forward sale claw-back clause. This is to enable MOPAC to benefit in any uplift in value in the event that the purchaser subsequently sells the property at a price in excess of that paid to MOPAC within an agreed period of time.  Where appropriate, planning "overage", enabling MOPAC to share in the value of a larger than anticipated planning consent, is also put in place.