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Islington Tribune - by ROISIN GADELRAB
Published: 12 September 2008

Property sell-off is the hallmark of ‘money-grabbing’ Lib Dems

THE Lib Dem leadership was accused of yet more asset-stripping this week after it announced plans to sell off another £17.5 million of public property.
But council leader James Kempton has assured the Tribune that the eight properties marked for sale “will not be sold at the bottom of the market”.
The plans, which give the power, in principle, to the chief executive to sell the buildings when they are no longer needed, were due to be approved at last night’s executive meeting.
Cllr Kempton said: “We will sell when the time is right. The council has more than enough cash to pay for our capital programme so we’re not desperate to sell. If the market turns we want that permission in place.“
The buildings on the for sale list and their estimated values are:
* Susan Lawrence House, Kings Cross Road – a four storey building, used as a reception centre – £600,000.
* Barnsbury Reception Centre, 5-6 Barnsbury Park – two three-storey properties used as a reception centre for homeless families –
£1 million.
* 393 Highbury Quadrant – a cluster of 1960s buildings used as a reception centre – £3 million.
* 1 Lowther Road, Holloway – a two-storey former neighbourhood office – £1.03 million.
n 11-12 Highbury Crescent, Highbury – Two grade II listed semi-detached properties – £4.8 million.
* 1A Pemberton Gardens, Upper Holloway – a grade II listed detached property – £1.5 million.
* 292 Essex Road and 68 Halliford Street, Angel –
A four storey Georgian building with car park –
£5.5 million.
The sale of Susan Lawrence House will also save the council £37,000 per year in saved security costs for the vacant building.
Labour councillor James Murray questioned why Susan Lawrence House was amongst the buildings up for sale when a council report in 2005 said it would be kept and refurbished.
He said it was a “pretty dumb time to sell”, adding: “They are a money-grabbing, asset-stripping, family silver-selling executive.
“When the council turns round in 10 or 15 years and need buildings they are now going to have to go to private contractors because they won’t have any resources.”
But Cllr Kempton said keeping the buildings was “not a very good way of spending the council’s money”.
He said: “We’ve made it clear we’ll sell property that’s surplus. The only new issue is the state of the property market and having been congratulated by professionals who recognised we sold £70 million of property at the top of the market we know we got it right and we will continue to take advice from our advisors.”

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