The Treasury has unveiled plans to make annual efficiency savings of between £1bn and £1.5bn a year from the government’s property estate

The target is contained in new guidance for government property managers launched today by Stephen Timms, chief secretary to the Treasury.

High Performing Property sets out a series of required improvements for government asset management with target dates.

The efficiency targets are due to be reached by March 2013 and the estate costs £6bn a year to run.

The guidance quotes previous research by Leeds University, which criticised ‘the fragmented nature of ownership and responsibility for the civil estate allied to a lack of strategic direction’.

The Treasury wants property asset management boards to be created and higher standards of benchmarking.

The Treasury also aims to dispose of between £6bn and £7bn from central government property and land by March 2013.