February 4, 2017
The UK government has reduced the public sector property estate by over 300,000 square metres delivering savings of £176 million in the last financial year, according to the latest State of the Estate report from the Cabinet Office. Speaking yesterday at the 2017 Government Property Conference, Minister for the Constitution Chris Skidmore announced that since 2010, rationalisation of the estate has reduced its size by a quarter, delivering over £1 billion in running costs. The sale of surplus properties, including Admiralty Arch (pictured) and the Old War Office, resulted in a further £1 billion in capital receipts in 2015-16 – a notable step towards the pledge to deliver £5 billion in receipts by 2020. The report shows that vacant space within the central government estate now only represents 1.4 percent – well below the average in the private sector of 8.9 percent.