Government to sell £1.5bn of property for redevelopment

The government estate is made up of hundreds of thousands of assets, from prisons and courts, to schools and museums, hospitals and health surgeries, job centres, military bases, administrative offices, and many more, spread all around the UK.

Previously the Government said it had generated £5.2bn of capital receipts from property disposals between April 2015 and March 2020 for reinvestment in the retained estate and other priorities.

It now aims to develop a pipeline of disposals, aiming to generate gross capital receipts of £500m per annum, to fund investment in upgrading the estate it keeps.

Minister for Brexit Opportunities and Government Efficiency Jacob Rees-Mogg said: We are cutting the cost of the public estate so that we can return money to the taxpayer.

“All spending on government property needs to be justified.

“This will also help us deliver the Places for Growth programme, which will allow greater savings and mean the government is closer to the communities it serves.

The strategy also pledges to invest £300m in grant funding, helping to unlock smaller, brownfield sites across England for housing through the One Public Estate programme.

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