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Royal Mail to build homes on half of its London sorting office

by LLB Editor May 14, 2012

written by LLB Editor 14^th May 12 12:05 pm

Ahead of its privatisation in 2014, Royal Mail is planning to build homes on 6.5 acres of its 12 acre Mount Pleasant site in Farringdon.

The plans have triggered fears that the new owners might not reinvest land sale profits in the modernisation of the postal service.

“There are currently no safeguards as to what might happen to any assets that might be sold,” said Ian Murray, shadow postal affairs minister. “Some venture capitalists will be circling. They may buy it on the cheap, because the government are desperate to get rid of it and get it off their books, and then start selling off prize assets.”