The New South Wales Government has flagged major reform to the management of its property portfolio after the Property Asset Utilisation Taskforce (PUAT) handed down its report earlier this week.

 

State Minister for Finance, Greg Pearce, said that the PAUT Report contained a number of significant reform recommendations that the Government will adopt to improve the management of State property assets.

 

“As a result of this report the Government will establish a new property management body, Government Property NSW to replace the State Property Authority,” Mr Pearce said.

 

 

“Government Property NSW’s main responsibilities will be to  identify  surplus and under-utilised assets, and streamline the management of Government properties.

 

Mr Pearce said the establishment of the management body will bring a much needed strategic approach to the management of the State Government’s $100 billion property portfolio.

 

The recommendations include:

  • The establishment of  the  Government Property NSW to streamline asset management across government
  • An incentive framework for agencies to improve asset use
  • A simplified, more transparent  process to encourage better property management
  • A divestment timetable to manage the sale of surplus assets before the end of this financial year
  • Any asset sales portfolio  to be structured and timed to attract the broadest possible market based on similar types of asset sales in Australia and overseas