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Islington Tribune - by TOM FOOT
Published: 11 April 2008

Just how much is school site worth?

‘Reveal value of land given to academy sponsors’

CAMPAIGNERS are calling for the value of the site of Islington Green School to be made public before it is transformed into a business academy in September.
A spokesman for the Department for Children, Schools and Families said the value of the 12,500sq ft site in Prebend Street is written into a 125-year lease agreement between Islington Council and the academy sponsors, the City of London and City University. But the council says it is unsure of the figure, angering campaigners who fear it could be seriously undervaluing the site.
Ken Muller, assistant secretary of Islington National Union of Teachers, said: “It does seem beyond belief that millions of pounds worth of public assets can be handed over to a private organisation without the precise value being known to the public.”
In exchange for £2 million, to be paid over 10 years into an “endowment fund”, the academy sponsors gain control of the site. They could develop non-educational land, not used for teaching purposes, such as a car park or the schoolkeeper’s house.
A council spokeswoman said the land would only be used for public services. She added: “The land which Islington Green School sits on is not being transferred to a private company. Both City University London and City of London Corporation are public bodies.”
She said it was complicated to calculate the exact value of the land, but figures would be released by the end of the month.

• More than 1,200 Islington teachers are due to strike on April 24 in a pay dispute. It is the first national teachers’ strike for 21 years.

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