Walker Morris hosts local authorities to discuss property investments and the implications of the Faraday casePrint news article
Key representatives from local authorities attended Walker Morris’ offices for an event to discuss recent trends in Councils investing increasing amounts in property development and the implications of the Court of Appeal’s decision in the Faraday case.
Partner in the Energy, Infrastructure and Government team commented:
“Local authorities are increasingly looking to support their revenue budget via property investment, with over £4 billion reportedly spent on real estate assets in recent years. This can raise a number of issues for local authorities such as procurement, state aid, compliance with Government Guidance and questions of capacity and reputation raised by the private sector that sees authorities competing within their market. The attendance by a number of local authorities shows that this is an important hot topic for local authorities. The implications of the Court of Appeal’s Faraday case also means that local authorities should be especially careful when entering into development agreements to ensure that they follow the appropriate procurement rules.”
Speakers at the event reviewed the statutory guidance relating to property investments, and there was a discussion on the procurement implications of the recent Court of Appeal judgment in the Faraday case and the practical steps that local authorities could take to mitigate procurement challenge risks.