A council is set to sell off property including an industrial estate, three car parks and buildings at two farms in a bid to raise cash.

A report presented to Enfield Council's cabinet last week listed property deemed no longer necessary, not “fit for purpose” or “underperforming”.

Montagu Industrial Estate in Edmonton is one of the biggest. The 29-acre site is currently undergoing redevelopment and the first phase, comprising nine industrial units with 60,000sq ft of space, was completed in early 2022.

The second phase of the Montagu Industrial Estate redevelopment scheme was one of the projects cut last year when the council’s ten-year capital programme was reduced by £267 million.

Slopers Pond Farmstead, located just to the north of Hadley Wood, is also listed. Made up of a farmhouse and numerous agricultural buildings, it is for sale along with Beechbarn Farmstead south of The Ridgeway, near Botany Bay.

Also on the market are three car parks – at Fairfield Road in Edmonton, Glyn Road in Southbury, and Ponders End High Street – plus Crown Road Lorry Park.

Several cottages in the grounds of Trent Park are listed, as are six caretaker’s houses and a former caretaker’s hut.

The report explained council officers review the performance of properties on a continuous basis to ensure the highest return on its investments.

The assets listed are part of a ‘disposals programme’ and have been split into two sets, with sales planned between now and 2026. Further tranches are planned over the next ten years as more land and properties are reviewed.

The report states changes in legislation are “shaping” the council’s asset base, such as government regulations which set a minimum energy efficiency level for domestic private rented properties. 

Another factor is said to be the “adverse hangover” of the Covid-19 pandemic, as well as “significant increases” in interest rates, inflation and the shortfall of funding from the government.

The report states the money received must by regulation be spent on the council’s capital programme, “transformation projects”, or for the repayment of external debt.

The report concludes: “The proceeds obtained from these sales will deliver capital receipts for the council thereby helping generally to fund council services which contribute to a strong and healthy community.”

The council has come under increasing financial pressure in recent years. In February the council set its “most challenging ever” budget for 2024/25, closing a budget gap which once stood at £39m. In order to achieve this, over £16m of savings were agreed in addition to a 5% rise in council tax.

The total value of the assets being put up for sale has not been disclosed.