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LONDON-The inner-London borough of hackney plans to sell £70 million ($99 million) of property assets during the current fiscal year in an attempt to stave off a financial crisis. Agent Nelson Bakewell has been instructed by the council to handle the sales.

The sell-off will begin with the sale of 62 properties which is expected to raise in excess of £40 million ($56 million). Another 190 properties are also being evaluated and are expected to come to the market later in the year. Nelson Bakewell Director James Cannon – who is advising on the sales – said: ‘We have been working with the borough and their strategic property advisers Donaldsons to identify those properties which are obsolete or surplus to requirements. With the movement of local authorities from being service providers to service enablers, there is clearly an opportunity to raise capital for reinvestment.’

The council has been encouraged by the success of some earlier sales, with a site at the De Beauvoir School fetching £3.6 million ($5 million) while the sale of two other sites has raised £2 million ($2.8 million.) Another seven properties from the Hackney portfolio will feature in Nelson Bakewell’s next auction on 5 July, 2001.

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