Carter Jonas conducted a property asset review on a pre-determined section of the London Borough of Hounslow’s operational and commercial properties. The review was required to identify under-performing properties that were not being used to the best of their potential. The drivers included releasing assets for better operational purposes, generating revenue, and capital receipts for the Council.
A full strategic portfolio review can be costly and time consuming, albeit delivering good results. In this instance the Council identified a sub-portfolio of perceived poor performing commercial sublet properties and underused operational services.
These included HRA retail parades, which traditionally London Borough Councils have continued to manage in their existing state despite other options being available. The review also identified a car parking divestment opportunity that would deliver capital receipts and the release of operational assets that would deliver revenue savings through co-sharing possibilities.
Listing commercial opportunities is straight forward but of little use to a complex Council organisation. Considering the Council’s strategic plan, capital and revenue requirements, operational service delivery, and contractual obligations allows the opportunities to be applied, achieving democratic authorities and successful implementation.
‘Carter Jonas undertook a 3 month review of a number of commercial and operational properties to identify improved service efficiency and commercial opportunities. Working closely with the Estates team the report was delivered on time and on budget and the results are being considered for implementation.’
Herdeep Chaggar-Ashby, London Borough of Hounslow
How we helped: The review identified a car parking divestment opportunity that would deliver capital receipts and the release of operational assets that would deliver revenue savings.