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Asset management

Non-Defence domestic property portfolio

Finance manages some 70 properties in the Government’s non-Defence domestic property portfolio, including office buildings, law courts and other special-purpose facilities, heritage assets, vacant land and contaminated sites, with a value of approximately $1.9 billion (at 30 June 2019). Finance, with its private sector property services provider, manages these assets strategically to ensure they are efficient and able to meet the Government’s needs.

The portfolio is managed in accordance with the legislative framework for environment and heritage matters, including the Environment Protection and Biodiversity Conservation Act 1999. Finance considers potential environmental and heritage impacts when making decisions about each property, including maintenance, retention and divestment.

To improve the performance of the portfolio and in accordance with relevant asset management plans, Finance undertakes works in the buildings it manages to improve building and environmental performance and to meet leasing obligations.

As at 30 June 2019, 75 per cent of non-corporate Commonwealth entities have transitioned to the Whole-of-Government Property Services Coordinated Procurement arrangements, representing 94 per cent of the total properties to be transitioned.

In 2018–19, Finance continued the divestment of properties from the non-Defence domestic portfolio, with total sale proceeds of $52.4 million (exclusive of GST).