Government sales will bring few opportunities, says Richards

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Government sales will bring few opportunities, says Richards

3/08/10 11:17 am By David Doyle

Government property sales will bring limited benefits for the commercial property sector, British Property Federation president John Richards warned today.

The former Hammerson chief executive said that, though the government will definitely sell freeholds as it tackles the deficit, the types of properties that would be sold would be for large scale housing development such as Ministry of Defence land.

Speaking at the quarterly meeting of the Investment Property Databank/Investment Property Forum’s Property Derivatives Investment Group today Richards said: “When I look at where the disposals may come from, it’s not prime offices.

“It’s industrial land, it’s not where you are going to see retail build.

“It’s potentially where you might see significant housing development. That’s where you see g0vernment disposals having an impact rather than the odd government office disposal.”

Government property sales will bring limited benefits for the commercial property sector, John Richards, president of the British Property Federation, warned today.

Speaking at the IPD/IPF PDIG Quarterly Briefing today Richards said: “When I look at where the disposals may come from its not prime offices.

“It’s industrial land, it’s not where you are going to see retail build.

“It’s potentially where you might see significant housing development. That’s where you see g0vern,ment disposals having an impact rather than the odd government office disposal.”