local authority finance

 

Thurrock Council

- Strategic Property Advisors


ThurrockThe Assignment

Members of our team provided strategic financial and property advice to Thurrock Council. The Council had a significant operational and commercial property portfolio with a book value of in excess of £50m, which was substantially increased by the transfer of assets from Thurrock Thames Gateway Development Corporation as it transferred its functions to the Council in April 2012.


This stream of work was designed to become an integral part of the Council's Strategic Asset team and support in the development and implementation of a detailed and property specific Asset Management Delivery Plan ("AMDP").


Implementation of the AMDP marked a step change in the way the Council manages its property and asset portfolio. The Strategic Property & Assets Team has a key role in driving forward Thurrock's asset management and development agenda and contributing to the delivery of its new operating model.

 


Our Role

There were two stages of work:
• The first was to build on the Council's high level property review with a detailed analysis of the property portfolio, developing options for the future of all land and properties; operational, commercial and those focussed on meeting community needs. The results of this exercise were developed into recommended options within the AMDP; and
• The second stage was to assist in implementing this AMDP including, as appropriate, identifying and procuring special purpose vehicle partners and/or other means to dispose of surplus properties.

 

Key Outcomes

The Council has established a new housing company for the delivery of mixed tenure housing across the Borough on Council owned land. This approach was developed through this process alongside a series of other potential partnership approaches across various regions of the Borough. These are being developed further within the Council.