It was brought to my attention recently that the Met has sold Sunbury Cadet (in Sunbury, obviously) as part of it’s austerity measures. That left me feeling a little bit sad, not because the bricks and mortar had been sold, as one of our number commented “did Christianity collapse when they burnt churches? You move on and survive. Rebuild etc”, but because the ‘family silver’ has been sold, and you can only sell it once. I have no emotional ties to Sunbury Cadet Centre, I only ever used their canteen and occasionally parked Job vehicles there overnight for when they were needed early the next morning.
I just think that it is actually a short-sighted move financially.
As I have stated on many occasions I possess no qualifications whatsoever in Economics at any level, but I liken it to the age-old argument of Owning versus Renting. I believe that Ownership is ultimately the best solution.
When I did some digging I discovered some interesting information concerning Sunbury Cadet Centre, that I suspect is repeated many times over with the 25+ Police Stations that the Met have sold off, Peel Centre and New Scotland Yard.
The property was offered for sale by Knight Franks, an agency which I’m assured handles many of the Met’s property transactions.
It was described as a site of just over 2 acres, close to the Thames, full details can be found here.
Linden Homes are advertising the developed site thus;
Prices actually appear to be in the range £710,000 to £780,000.
A document buried within the Local Authorities files shows that the subsequent developer had appealed the original planning decision and had won their case to erect 44 dwellings on the site.
Does this mean that there is a Phase 2 still to come?
Anyway, 28 houses/apartments at £750,000 each = £21 Million.
44 houses/apartments at £750,000 each = £33 Million.
Now I know that the Met has presumably had to pay Agency Commission to Knight Frank for conducting the sale, but even at 1% that would exceed £70,000.
The developers have had to flatten the site and build the new buildings. I have absolutely no idea of the cost of that, but building costs are normally considerably lower than purchase costs.
So, I’m left wondering, who’s had the better deal here? The Met, who’ve realised £7 Million less costs, or the developer who PROBABLY stands to make considerably more than that once all of the houses/apartments are built and sold off.
The Met have sold off part of their family silver, the process is being repeated all across their estate.
“This sale was part of the wider review that is currently being carried out across the whole of the Mayor’s Office for Policing and Crime (MOPAC) property estate, replacing inefficient and outdated buildings with more modern and
geographically responsive facilities. These savings are then being reinvesting back into policing through new build and refurbishment projects, creating a more modern working environment fit for 21st century policing.”
Met’s Estate sold off under value?
An excellent solution to a dire financial problem?
Just one more nail in the coffin?
You decide, but before you do see the next blog here