The government has agreed to hand over the land and property assets of the soon-to-close Regional Development Agencies (RDA) to the Homes and Communities Agency (HCA)
Over the next two months the assets of the nine agencies will be transferred as part of a national programme to the HCA, who will be accountable to Government for the effective management and disposal of the portfolio.
According to the HCA, it will work with local partners ‘to develop, invest in and dispose of assets, through stewardship arrangements, in pursuit of the economic development and regeneration objectives agreed by local partners including Local Enterprise Partnerships and in support of local strategies’.
Pat Ritchie, chief executive of the HCA, said: ‘We welcome today’s announcement, which sets out a key role for the HCA to work with local partners to deliver economic and regeneration benefits to communities from RDA assets.
‘This builds on our land and property expertise and our strong partnerships with Local Authorities and Local Enterprise Partnerships to ensure value for money from those assets.’
She added: ‘[These partners] will play a key role in helping to determine the future of these assets in line with local objectives, and the HCA, while managing the portfolio at national level, will ensure that the benefits of development – jobs, businesses and homes – are delivered in the local areas where the assets are located. This will make a major contribution to the localism agenda.
‘We hope to be in a position to confirm further details of the asset portfolio over the course of the summer.’
The hand-over process is due for completion on September 19.
The nine RDAs are
Advantage West Midlands, East of England Development Agency, East Midlands Development Agency, London Development Agency, Northwest Regional Development Agency, One North East, South East England Development Agency, South West RDA, Yorkshire Forward