Britain’s biggest property start-up is open for business
- To help meet the Government’s commitment to build 500 new free schools by 2020, help create 600,000 new school places by 2021 and to secure sites to help deliver the additional 110 free schools announced in the Budget (Wednesday 8 March).
- This requires 380+ permanent sites to be identified and secured.
- A programme of this scale raises challenges over capacity and therefore capability.
THE SOLUTION – LocatED
- LocatED is a new government-owned property company, responsible for buying and developing sites for new free schools in England.
- With a £2bn budget, LocatED acquires land and buildings across the country. This will make it one of the largest purchasers of land in the UK. Working directly with landowners, agents and developers across Britain, LocatED has individual acquisition budgets to spend on sites that can deliver 10,000 to 175,000 sq. ft. gross internal floor area.
- LocatED operates at pace and negotiates complex deals with multiple partners across the private and public sector to get the best possible value for money for the taxpayer.
- To achieve this, LocatED has a multidisciplinary team with specialist skills and extensive property sector experience. Supported by a distinguished LocatED board, with a range of private and public sector property acquisition and development experience.
- The LocatED team is proud to play its part in the delivery of new, world-class schools and creating thousands of good school places for future generations of children.
OUR AIMS, LocatED WILL…
- Use its substantial purchasing power and specialist experience to negotiate effectively to acquire and develop property for schools.
- Achieve better value for money by having increased flexibility to buy sites to deliver mixed-use schemes and optimising financial efficiency.
- Use its specialist capabilities to successfully take on more complex acquisitions.
- Establish a strong reputation in the market in order to be an attractive partner to the best developers.
- Be an effective organisation with the right skills and experience to deliver against its objectives and provide good value for money to taxpayers.
- Help to protect the public investment in acquired sites.
The LocatED Asset Management team support the free schools acquisitions programme and are responsible for the asset management of the existing and pipeline portfolio. This includes:
- Handover, setup and management of property and facility management.
- Active asset management of the portfolio through the holding period.
- Identification of property for redevelopment or disposal.
The Government has committed to build 500 new free schools by 2020 and create 600,000 new school places by 2021.
Free schools are non-profit-making, independent, state-funded schools, which are free to attend but outside of local authority control. 254 free schools were opened over the course of the last Parliament and the government is committed to opening a further 500 free schools over the course of this Parliament. As a new provision, finding a suitable site is a key challenge in the free school delivery process.