Local government is likely to plough the bulk of £13bn capital asset receipts forecast over the next three years into innovative commercial investments, a senior productivity manager has advised.

The comments follow last week’s launch of the second wave of the One Public Estate initiative, which saw a further 20 local authorities join the collaborative pan-government property programme run in partnership with the Cabinet Office.

In its first wave, the OPE project has generated £88m in capital receipts, £21m projected savings and estimated £40m long-term economic benefits within the 12 local authority pilots.