Slump in property prices hits value of public investment
The fall in property prices has meant millions of pounds has been written off in schemes in Devon, such as the Exeter University Innovation Centre.
According to thisisexeter, the second phase of the Innovation Centre has been affected by the downturn. The RDA initially invested £9.7m. Of the asset it retained, there has been a fall of £1m to only £750,000.
Tim Jones, chief executive of Devon and Cornwall Business Council, has called for the RDA to make a ‘clear statement’ about its property portfolio.
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