“Local authorities have the power to make disposals at less than the open market value where such disposals will improve the economic, social or environmental wellbeing of its area. This power could significantly benefit regeneration but is only being applied in a small number of cases, often because of a lack of awareness that this power exists or inexperience in applying it.”

British Property Federation, Regeneration Manifesto, May 2009

This section explores how local authorities can obtain best value for money when disposing of a heritage asset, which doesn't necessarily mean selling the asset for the highest possible open market value. Local authorities should consider the bigger picture when identifying a disposal strategy that will deliver the best value for money and should think about issues such as:

• What social improvements will disposal bring about?
• Will there be any economic knock on effects in the local area?
• Will disposal enable the local authority to meet certain targets such as housing supply and demand?
• Will there be the opportunity for directing Section 106 Agreement (England and Wales) and Section 75 Agreement (Scotland) contributions to support the regeneration of heritage assets?

Cost comparisons of other potential options should be undertaken to value the “do nothing” though to full redevelopment options to ensure the full financial and social impact of any decision is known before proceeding.