Glasgow City Council is to set up an arm's length property development firm and estate agent to sell off surplus assets. Councillors voted on Friday to set up the limited and liability partnership company (LLP), which will be fully operational by 31 May. The LLP will be able to take any council land and property, which has been identified as surplus, and sell it on, either in individual lots or as part of a larger package. It will also speed up capital projects like the Riverside Museum and the schools programme because the council will receive upfront payments when they are transferred to the LLP and another payment when the property is sold on. The LLP will therefore help the council to start other works programmes earlier, rather than having to wait for sales to go through. The council is planning to dispose of £200m of assets by 2009 to fund new programmes and projects. Last month, councillors approved plans to create a charitable company to deliver culture and sport in Glasgow, which will also be up and running by 31 May.
