BW To Review Its Residential Property Estate

16 May 2008

British Waterways (BW) is reviewing its residential property estate across England, Scotland and Wales.The review will consider if there are better ways in which the estate, which includes a number of operational as well as heritage buildings, could be managed and cared for whilst making a greater contribution to the cost of maintaining the waterways network.

Rents from BW's property portfolio make up a significant proportion of the annual £100m it spends on caring for the nation's 200 year old locks, aqueducts and other canal infrastructure, yet residential properties, which represent around ten percent of BW's estate by value, generate very little income for reinvestment in the historic network.

Robin Evans, BW chief executive, explains: "Whilst ensuring that the operations and heritage of the waterways are safeguarded, the review will consider if there are better ways over and above the status quo to get more public benefit from our estate.Two options include transferring properties into a specialist associate company part-owned by BW or placing parts of the portfolio on the market and reinvesting the income to generate greater long term funds for canal maintenance."

BW's residential estate comprises approximately 400 waterside properties across the UK, many dating back to the 18th and 19th centuries.BW has written to tenants affected by the review, including staff or pensioners.Although ownership of properties might transfer at some point in the future, tenancies would also transfer with terms remaining unchanged.

BW has briefed its recognised trade unions and the British Waterways Advisory Forum (BWAF), an independent body of waterway interest groups set up to advise BW on key issues relating to its canals and rivers.

The review of BW's residential estate will include the completion of a survey of the properties for which BW has advertised for advisers to undertake.Following an open procurement process the advisers will appointed by autumn 2008 allowing for the review to complete and a recommendation to be put forward to the BW Board expected in early 2009.

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For more information, contact Jonathan Ludford, corporate communications manager, on 020 7985 7275 or jonathan.ludford@britishwaterways.co.uk

British Waterways cares for a 2,200-mile network of canals and navigable rivers throughout Britain, working to provide a sustainable future for the inland waterways and generate maximum benefit and enjoyment to all from this unique environmental and leisure resource.We work with a broad range of public, private and voluntary sector partners to unlock the potential of the inland waterways and generate income for reinvestment in the waterways for the benefit of the millions who visit and care for the waterways every year.