Issue - meetings

Commercial Property

Meeting: 30/05/2019 - Overview and Scrutiny Committee (Item 5)

5 Commercial Property pdf icon PDF 143 KB

To consider the Executive Head of Regeneration and Property’s Report No. RP1906 (copy attached) on a review of the performance of the investment assets acquired by the Council to date and to highlight the key stages in the acquisition of property assets.

 

Additional documents:

Minutes:

The Committee welcomed the Major Projects and Property Portfolio Holder, Cllr. Martin Tennant, and the Executive Head of Regeneration and Property,  Mr. Paul Brooks, who attended the meeting to present Report No. RP1906 on the Review of Commercial Property Investments.

 

The Report explained the processes followed to acquire property, taking into account income and borrowing, risk, location, the need for a balanced portfolio of property and due diligence and negotiations. The investment performance of the property asset investment portfolio was also included in the Report.

 

It was noted that external management agents were used to manage the properties within the portfolio. These agents acted on behalf of the Council. It was also noted that all the investment properties were on full repairing leases.

 

It was advised that Lambert Smith Hampton (LSH) had been appointed to carry out an independent external review of the assets within the portfolio, to give the Council a clear understanding of its assets and to identify any issues. Once the work was complete it was requested that a report should be made to the Committee on LSH’s findings.

 

The Chairman thanked Cllr. Tennant and Mr. Brooks for the information and the Committee requested an update later in the year.


Meeting: 28/03/2019 - Overview and Scrutiny Committee (Item 2.)

2. Commercial Property pdf icon PDF 141 KB

To consider the Executive Head of Regeneration and Property’s Report No. RP1906 (copy attached) on a review of the performance of the investment assets acquired by the Council to date and to highlight the key stages in the acquisition of property assets.

 

Additional documents: