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Aylesbury and Akeman in LABV scheme
Published: 2009-11-30 09:57:39
Aylesbury Vale District Council in Buckinghamshire is setting up a local asset-backed vehicle (LABV) with Akeman Investment to manage a large number of council properties alongside an ambitious programme of new developments.
The council’s commercial and industrial estate portfolio will be transferred into the LABV, together with shops, offices and development sites in the area.
Aylesbury Vale has set a target for as many as 27,000 new homes and 21,500 jobs by 2026 and the Akeman scheme is a significant move forward towards this goal. In particular, the LABV is expected to provide an income stream for the council that will be higher than could have been obtained otherwise.
The LABV is named Aylesbury Vale Estates (AVE) and the council calls it a "ground-breaking commercial property joint venture". AVE, owned 50/50 by Akeman and the council, will manage, improve and develop the 250 commercial and tenanted properties in its portfolio over a minimum life of 20 years. According to Michael Edmonds, Aylesbury Council's cabinet member for economic development, the key factor in favour of the scheme is that better quality commercial properties will attract new companies into the area, as well as helping local ones expand: "offering good quality business property is a catalyst for growth and joining forces with the Akeman Partnership is our best opportunity to do this".