Asset Realisation

The report of the Capital Realisation Taskforce (CRT) 2008 identified the potential to use the value in surplus, under-utilised and non-core government assets to transform areas and to accelerate delivery of much needed infrastructure.  

These assets, ranging from ex-military sites to surplus properties, are often at the heart of communities. Maximising the redevelopment value of such sites, whilst protecting the public interest and realising communities' ambitions, is a specialist expertise that is provided through a SIB-based Central Assets Realisation Team (CART).

The principles and tools used are also applicable to Local Authority assets, and in many cases a joined-up approach between Government Departments, agencies, local authorities, and private sector investors in a locality will maximise the regeneration outcome for local communities.

CART comprises team members with commercial agency, statutory planning and property law expertise.  The team works with stakeholders to:

  • review asset management procedures across their organisation, and develop a high quality asset management strategy aligned with their corporate objectives;
  • identify optimal value realisation routes for surplus, under-utilised and non-core land and property assets – including straight disposal and property development partnering;
  • liaise with internal and external stakeholders in identifying the right value realisation strategy, including engagement with communities on local regeneration opportunities;
  • undertake site master-planning to engineer maximum values;
  • undertake technical and legal due diligence to increase market value and accelerate deal completion;
  • engage effectively with the commercial property sector.
         

Recent work by CART includes:

Partner Overview
DRD Preparation of legal and technical due diligence, valuation and market sounding for the potential disposal of surplus, underutilised and non-operational assets
Land & Property Service (LPS) Introduction of an Electronic Property Information Mapping Service (e-PIMS) as a comprehensive web-based asset register for all public sector property in Northern Ireland (to include use and occupancy details, ownership and tenure details, floor space, energy consumption and other benchmarking data)
East Belfast Partnership (EBP) Assessing opportunities to rationalise exiting transport infrastructure to improve connectivity and release land for development, both of which would maximise and contribute significantly to the social and economic potential of the East Belfast area. CART is supporting EBP with the funding, procurement and management of specialist advisers to undertake a development concept, implementation plan and outline business case to identify the key deliverable opportunities
Colin Neighbourhood Partnership (CNP) Providing commercial expertise to assist the development of a masterplan to develop 54 acres of land, of which 33 acres are in public ownership, to create a town centre for the local communities.  CART is developing a land assembly strategy to ensure that the preferred option is commercially deliverable
DSD Funding, procurement and management of a stock condition survey of the NIHE social housing stock.

For more information, please contact: