Wednesday, 29 October 2008

Fit for Future?????

Council spiv, selling off the land and buildings of Edinburgh - the City of Edinburgh Council school of economics

The council's plan to cash in on the family silver by selling off it's land and properties to developers looks like its in trouble. The council are looking at a £20 million shortfall! They hoped to raise £43 million by selling land and property but with land and property values plummeting like a stone they appear to have lost out. See article here.

The council's only plan appeared to be sell, sell, sell but it's got to a peak land position - there is not enough land to sell and not enough value in the land.

The council needs to develop it's own land - build affordable homes particularly council housing. The council basically has given away land to attract developers - Waverley Market, last value was £40 million - what does the council get £1 a year in rent (if it chooses to collect the rent) for the next 200 years!!! Selling land in off market deals as in the land earmarked for Caltongate.

There needs to be a plan NOT based on selling off land and property but based on developing the city in a suistainable way so it will quite literally fit for future!