Lots of talk in these threads about property income, endowments etc.
Looking at the recent figures, I just cant see how BWs property can ever
generate enough extra income to replace Gvt grant and make BW self
sufficient. Sure, it should be working those assets efficiently, indeed we
can be sure that it currently it doing just that.
But consider: in the early 1990s income from property was typically about
£15m a year. In the last financial year the figure was 28.8m. Not a bad
increase, but income from this source is still no where near the level of
Gvt grant, let alone enough to replace it. On current growth rates it would
probably take over 20 years to do this. And as had been pointed out the
property market is fickle. It is also competitive it might be nice to
have a waterside development, but there are alternatives so BW cant assume
that it can be too pushy in its property management.
And remember too that property income still remains higher than that
received from craft licences and moorings (£16m last year). Yet this is the
only captive source that BW can target.
As someone, sorry cant remember who, pointed out, if we accept Robin
Evanss argument that BW needs to be self-sufficient then the future looks a
lot more scary than it does already.
Mike
Nb Joanna
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