AQW 3857/10

Mrs Naomi Long
Alliance Party
East Belfast

Tabled Date: 13/01/2010
Answered On Date: 25/01/2010
Priority Written: No

Question:
To ask the First Minister and deputy First Minister (i) for an update on the work of the Capital Assets Realisation Taskforce; (ii) how targets and plans are being adjusted in light of the changing property markets; and (iii) how assets will be prioritised and progressed for realisation during the current Assembly term.

Answer:

The downturn in the land and property market has meant that it has not been appropriate to pursue disposals of development sites during 2008 and 2009. No sales took place during 2008-09 and it is unlikely that any sales proceeds will now be realised during 2009-10. The position for 2010-11 is being kept under review.

The policy remains that public bodies should dispose of surplus assets, but any prospective asset realisations are subject to appraisal under DFP’s “Green Book” Guidance on appraisal and evaluation to ensure value for money before a decision to proceed with disposal or other form of realisation is taken.

A Capital Assets Realisation Team (CART) led by the Strategic Investment Board continues to monitor the current market and to work with departments on options to realise value from surplus or under-utilised assets. It is in this context that CART has been working with departments on a number of potential development opportunities, including Grosvenor Road, Colintown Town Centre and East Belfast Development Project. This work is ongoing.

In view of the current difficulties with the land and property markets, the First Minister and deputy First Minister asked Ed Vernon to review the original recommendations of the Capital Realisations Taskforce, and his report is now under consideration.