Carlisle City Council has made the unusual move of appointing a private sector company to asset manage two industrial estates totalling more than 200 acres.

Carlisle kingstown industrial estate

Carlisle’s Kingstown Industrial Estate - Source: David Dixon/Geography.co.uk/Creative Commons

The council, which owns the freeholds of the Kingstown and Parkhouse Industrial Estates, has chosen to partner with property developer and investor Chancerygate to maximise the income from the assets.

“Some councils are very reluctant to get outside help to asset manage estates and some are happy to sell them off, but Carlisle City Council didn’t want to do that because these are two of the best industrial estates in Carlisle and they have a chance to improve them rather than let them deteriorate,” said Rory Finnan, Chancerygate’s asset management director.

“They want to maximise the value of them and I think they realise they have to be proactive to do that.”

Local authorities usually employ in-house property management teams but have recently been more proactive in maximising income from property investments as they battle government funding cuts.