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Projects

Disposal of Surplus Assets

NI Water has identified some sites which are no longer required by the company. Some of these sites will be advertised for sale over the coming months.

 

Assets will be advertised on the open market through McKibbin Commercial Property Consultants.

 

Details of redundant assets are available through McKibbin Commercial.

 

Why does NI Water need to sell land and property at all?

 

NI Water is obliged to limit its land and property holdings to the minimum required for the performance of its present and clearly foreseen responsibilities. NI Water keeps its land holdings under continual review with a view to disposing of surplus land and premises with the least possible delay, taking account of:

  • the need to achieve best price and full value
  • prevailing property and financial market conditions
  • professional property advice from its Advisors (McKibbin Commercial Property Consultants)

 

With the current economic climate, is it not the wrong time to sell land?

 

NI Water applies the general principle that public bodies limit asset holdings to the minimum necessary to carry out their statutory responsibilities. While the market continues to be depressed, NI Water must balance the cost of maintaining surplus assets with the possibility of disposing of some of its sites which are no longer required.

 

In 2016/17 NI Water sold 10 sites, including – Knockbracken Impounding Reservoir, Sullotober Ponds WTW and offices at The Old Labs, Craigavon.

 

Will the sale of these sites impact on the service NI Water provides in my area?

 

All of the sites identified for sale have been disused for a number of years. The sale of the sites will not result in any staff redundancies or a decrease in the services provided by NI Water in the area in question.

How does NI Water ensure best value?

 

  • High value sites are valued by and sold with the advice of our professional advisers
  • NI Water may obtain Outline Planning Permission to increase the prospect of disposal and best value
  • NI Water may impose a “Claw-Back” clause in the sale to ensure it shares in any future increase in the value of the site

 

Who has NI Water told about these plans?

 

Details of the sites for disposal are continually updated and on 1st April each year NI Water presents an Annual Land Disposal Return to the Utility Regulator. This report identifies assets which NI Water proposes to dispose of during the forthcoming year.

 

Where appropriate, NI Water informs other public bodies who may have an interest in redundant assets through Land and Property Service.

 

Information on the actual properties for sale will be detailed as below:

  • Advertising board will be erected on site
  • Marketing particulars will be produced for each location
  • Property details will be placed on McKibbin Commercial website
  • The properties will be listed within the commercial property section of Belfast Telegraph. Individual properties will be listed in the relevant local papers.
  • A mail shot will be made to the larger commercial estate agents as well as local agents for each location

 

Why are McKibbin Commercial Property Consultants involved in this process?

 

NI Water requires the services of professional estate agents to handle the sale of land and property. A tender – Provision of Estate Professional Services – was awarded to McKibbin Commercial Property Consultants in October 2015.

 

The award followed the normal rigorous tender process.

 

For further information contact:

 

Brian Wilkinson MRICS

McKibbin Commercial
Callender House
58–60 Upper Arthur Street
Belfast
BT1 4GJ

Tel: 02890500100
email: bw[AT]mckibbin[DOT]co[DOT]uk
web: www.mckibbin.co.uk

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