Government confirms AWM asset switch to homes quango
ASSETS owned by disappearing regional development agency Advantage West Midlands are to be transferred to housing and regeneration quango the Homes and Communities Agency, the Government has finally confirmed.
The announcement by business and enterprise minister Mark Prisk puts to bed months of rumours about what would happen to AWM’s property and land, valued at around £400m.
It will come into effect on September 19 but is unlikely to include all of AWM’s assets as some, such as Pebble Mill Studios in Birmingham, have already been placed on the open market, with the possibility of more being put up for sale in due course.
Details of exactly which assets will be included in this transfer to the HCA will be announced later.
The news follows unsuccessful attempts by local authorities and the new local enterprise partnerships to take control of the assets from AWM which is being currently wound down.
Although the HCA will own the assets and liabilities, local authorities will still be able to be involved in decisions about their future development plans under a ‘stewardship’ model.
Under a separate arrangement, the Department for Business, Innovation and Skills will contract the HCA to manage Ansty Park in Coventry.
Under the transfers, the land and property assets will see representatives from business, local enterprise partnerships, local authorities and others provide advice to the HCA on the future of schemes.
Business and enterprise minister Mark Prisk said: “The transfer of RDA land and property assets to the Homes and Communities Agency underlines our commitment to making sure these assets are used to support economic growth and regeneration.”
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