A list of the assets disposed of by the Homes and Communities Agency since August/September 2011, and details of the associated receipts, have been placed in the Library of the House. The sale proceeds of land and property assets (“inventory”) sold by Advantage West Midlands in the financial year 2011/12 can be determined from their audited annual report and accounts 2011-12 as £4.43 million.

The Homes and Communities Agency has published its disposal and development plan at:

http://www.homesandcommunities.co.uk/sites/default/files/our-work/land_development_and_disposal_plan.pdf

The long term strategy is to get all former Regional Development Agency owned sites in the best possible condition for disposal, by reinvesting receipts. These assets were bought by the national tax-payer and therefore it is right that ultimately the receipts are used nationally. This programme uses the Local Stewardship Model which recycles money to improve sites to create local benefits. This means that receipts will be spent on meeting the legal commitments that we have inherited from the former Regional Development Agencies. In total, the current estimate of commitments is equivalent to £310.3 million (in the hon. Member's own locality, the cost of the former Advantage West Midlands' commitments is an estimated £40.2 million).

Advantage West Midlands' financial interests in the PxP West Midlands limited partnership was transferred to the Home and Communities Agency in September 2011, along with the other land and property assets from the former regional development agencies to form its economic assets programme.

Since then, the Homes and Communities Agency has put control systems in place to monitor and protect these financial interests. The agency's executive director for the Midlands has been appointed to the board of PxP, and there is a nominated project officer who is responsible for oversight and reporting on company's performance.

The agency and its private sector partner are currently reviewing the strategic and operational direction of PxP to ensure prudent and efficient use of resources.

Advantage West Midlands' financial interests in the PxP West Midlands limited partnership was transferred to the Home and Communities Agency in September 2011, along with the other land and property assets from the former regional development agencies to form its economic assets programme.

Since then, the Homes and Communities Agency has put control systems in place to monitor and protect these financial interests. The agency's executive director for the Midlands has been appointed to the board of PxP, and there is a nominated project officer who is responsible for oversight and reporting on company's performance.

The agency and its private sector partner are currently reviewing the strategic and operational direction of PxP to ensure prudent and efficient use of resources.

I have been asked to reply on behalf of the Department for Communities and Local Government.

The site was transferred under a statutory transfer scheme signed in August 2011 which, under machinery of government transfer processes, means that the Homes and Communities Agency took over the full responsibility for the site from Advantage West Midlands as if the Homes and Communities Agency had been the owners of the asset since its acquisition. There was, therefore, no stamp duty, legal or other transaction costs incurred by the Homes and Communities Agency or Advantage West Midlands in this transfer.

The budget for the project was transferred to the Homes and Communities Agency and no additional costs were incurred by the agency that would not have been the liability of Advantage West Midlands at the time of transfer.

I also refer the hon. Member to my answers of 6 December 2012, Official Report, columns 891-92W, on how the new stewardship arrangements are delivering value for money for taxpayers and meeting the legal commitments we have inherited from the last Administration.

I refer the hon. Member to my answers of 5 December 2012, Official Report, column 766W, and 6 December 2012, Official Report, columns 891-92W.

I refer the hon. Member to my answers of 5 December 2012, Official Report, column 766W, and 6 December 2012, Official Report, columns 891-92W.

All land previously owned by Advantage West Midlands at Birmingham Eastside was transferred to the Homes and Communities Agency with the exception of units 1 and 2, Queensway Trading Estate, which were sold to Birmingham city council in September 2011.

As announced in the written ministerial statement of 10 February 2011, the Government was committed to ensuring an effective transition from all the regional development agencies (RDAs), including Advantage West Midlands, to a new economic delivery landscape.

The Government's objective was that the disposal of RDA assets would create maximum long-term value for the economy and local areas. RDA Accounting Officers had the overall responsibility for ensuring value for money and were answerable to the Principal Accounting Officer of BIS using the provisions of the HM Treasury guidance: ‘Managing Public Money’.

With respect to the RDA sites which remained unsold, the Government came forward on 6 July 2011, Official Report, column 95WS, with:

“a ‘stewardship’ arrangement through which local partners, including local authorities, businesses, local enterprise partnerships and others will be able to influence their development and ensure they are developed in a way which maximises economic outcomes for the area”.

The Homes and Communities Agency (HCA) were made responsible and accountable for managing the portfolio.

As announced in the written ministerial statement of 10 February 2011, the Government was committed to ensuring an effective transition from all the regional development agencies (RDAs), including Advantage West Midlands, to a new economic delivery landscape.

The Government's objective was that the disposal of RDA assets would create maximum long-term value for the economy and local areas. RDA Accounting Officers had the overall responsibility for ensuring value for money and were answerable to the Principal Accounting Officer of BIS using the provisions of the HM Treasury guidance: ‘Managing Public Money’.

With respect to the RDA sites which remained unsold, the Government came forward on 6 July 2011, Official Report, column 95WS, with:

“a ‘stewardship’ arrangement through which local partners, including local authorities, businesses, local enterprise partnerships and others will be able to influence their development and ensure they are developed in a way which maximises economic outcomes for the area”.

The Homes and Communities Agency (HCA) were made responsible and accountable for managing the portfolio.

The Department currently does not hold records centrally of each asset sold by Advantage West Midlands (AWM), in particular details relating to the date of sale and the purchaser.

The Regional Development Agencies (RDAs), maintained their own records of properties sold and these have been transferred to the Department as part of the RDA closure programme. Obtaining the information

would require the retrieval of records from archive facilities and detailed analysis of AWM's records, and this could be done only at disproportionate cost. The sale proceeds of land and property assets (“inventory”) sold by AWM in the financial year 2011/12 can be determined from their audited annual report and accounts 2011-12 as £4.43 million.

The Government published a full list of RDA freehold land and property assets (as at 30 September 2010) on 28 October 2010, this is available at:

http://data.parliament.uk/depositedpapers/files/dep2010-1895/dep2010-1895.doc

The list of sites transferred to the Homes and Communities Agency on 19 September 2011 was published on the BIS website at the time and can be seen at:

http://webarchive.nationalarchives.gov.uk/+/http:/www.bis.gov.uk/policies/economic-development/englands-regional-development-agencies/assets/transferring-assets

The Department currently does not hold records centrally of each asset sold by Advantage West Midlands (AWM), in particular details relating to the date of sale and the purchaser.

The Regional Development Agencies (RDAs), maintained their own records of properties sold and these have been transferred to the Department as part of the RDA closure programme. Obtaining the information

would require the retrieval of records from archive facilities and detailed analysis of AWM's records, and this could be done only at disproportionate cost. The sale proceeds of land and property assets (“inventory”) sold by AWM in the financial year 2011/12 can be determined from their audited annual report and accounts 2011-12 as £4.43 million.

The Government published a full list of RDA freehold land and property assets (as at 30 September 2010) on 28 October 2010, this is available at:

http://data.parliament.uk/depositedpapers/files/dep2010-1895/dep2010-1895.doc

The list of sites transferred to the Homes and Communities Agency on 19 September 2011 was published on the BIS website at the time and can be seen at:

http://webarchive.nationalarchives.gov.uk/+/http:/www.bis.gov.uk/policies/economic-development/englands-regional-development-agencies/assets/transferring-assets

A full list of the eight Regional Development Agencies (excluding London) freehold land and property assets, including those of AWM, as of 30 September 2010 was laid before the House on 29 October 2010—see 28 October 2010, Official Report, column 458W. There were no substantive changes to the list prior to 1 April 2011.