Delivering value from public assets
Publicly owned assets have become important tools for local authorities who need to generate revenue and boost local economies following the global downturn and government austerity measures. Whereas once they may have sold assets, today they are developing innovative approaches to managing their portfolios and helping shape economic growth.
We supported a major piece of research with the Centre for Cities to build a picture of different strategies coming into play across England and Wales.
In-depth interviews with local authorities revealed assets are being put to work in several ways. Most significantly, joined up city- and region-wide strategies are evolving that consider assets from a portfolio perspective, and how they can be best used collectively to support growth and revenue generation.
Other approaches include using revived assets to underpin regeneration efforts, for example by adapting them to leisure and retail uses. Assets like these can be a focal point for communities, helping to direct development in line with local priorities, such as housing or employment.
“Having funded this independent research, contributed our sector expertise and helped communicate the findings, we are now leading a series of roundtable events and more detailed working groups across the UK,” said Bill McElroy, managing director of our advisory team. “These will help local authorities share best practice and free up finance for services and new capital projects.”
Lessons from the project have been used to help cities improve their public asset strategies, maximising value for their local areasAndrew Carter Deputy Chief Executive, Centre for Cities