Concerns have been raised over multi-national corporations in London buying up valued community assets in Nottingham and "extracting wealth out of our local economy". Fears were raised by councillors as the city council discussed its asset sales plan through which it hopes to rake in more than £90m to help balance its books.
During a scrutiny committee meeting at Loxley House on June 8, Nottingham City Council revealed it has 3,600 property assets, spread across the city, county and places such as Birmingham, and it is estimated the value of these is more than £1bn. According to Nicki Jenkins, the director of economic development and property, it is hoped the sale of the council's earmarked assets should bring in roughly £93m over the next few years.
In 2020/21 it was estimated the selling of assets would raise £11.9m, but in fact £12.9m was brought in. Then again in 2021/22 a total of £17.8m was raised from asset sales, beating the council's prediction of £7.9m.
