We valued and advised on elements of the structure of the transaction, facilitating a £32m deal and allowing Milton Keynes Council to become the predominant land owner with full control over planning decisions.
Localism Act driving asset transfers
The Localism Act encourages bodies like the HCA to transfer ownership of assets to local authorities, to provide local control of planning and development decisions. The HCA were the predominant land owner in Milton Keynes. To achieve a key objective of the Localism Act, the HCA decided to transfer ownership of various assets to Milton Keynes Council to give them full control of planning and development of the town.
Detailed assessment of 150 assets
Our team of valuation experts advised on the value of the assets which were to be transferred to Milton Keynes Council. The portfolio included development land and a range of commercial property assets, including the National Bowl. We conducted research on 100 core assets and 50 secondary assets to allow the HCA to understand values, demand, take-up and trends for offices, industrial, residential and various other uses relevant to the portfolio.
Managing the asset transfer through to completion
Having completed this review, we entered into negotiations with Milton Keynes Council, helping the HCA to reach an agreement at £32 million for the portfolio. We then managed the needs of various stakeholders involved in the process. In particular, we met with the Department for Communities and Local Government to discuss the transfers and explain the values placed on the assets, to help bring the transaction to a successful conclusion. We undertook final due diligence on the whole portfolio before the deal completed on 14 January 2013.