Asset strategy across the GLA Group

Meeting: 
MQT on 2015-02-23
Session date: 
February 23, 2015
Reference: 
2015/0512
Question By: 
Darren Johnson
Organisation: 
City Hall Greens
Asked Of: 
The Mayor
Category: 

Question

Functional bodies are currently taking a very inconsistent approach to asset management. MOPAC is disposing of buildings to maximise one-off injections of money, you have asked LFEPA to prioritise education over maximising income for some fire station disposals, and TfL is retaining its assets to maximise income for investment and fares. You, as Mayor, are in a unique position to ensure the GLA Group takes a consistent approach to asset management, including balancing considerations such as income, affordable housing and education, by producing a clear plan for the whole Group. Will you do so?

Answer

Answer for Asset strategy across the GLA Group

Answer for Asset strategy across the GLA Group

Answered By: 
The Mayor

The GLA cannot dispose of land for less than best consideration which can reasonably be obtained without the consent of the Secretary of State.  The Secretary of State has issued a general consent to the GLA to dispose of land at less than best consideration where it considers a disposal on this basis will assist in meeting its principal purposes.  However, in each case the difference between the sale price and the unrestricted value must not exceed £10m or 30% of the unrestricted value.  The GLA and its functional bodies have published Property Asset Strategies which are reviewed on a regular basis.  I have established the Single Property Unit which reviews forthcoming disposals across the GLA group.