Venue: Remote meting - please find the live link below
Contact: Administrator, Adele Taylor Tel. (01252) 398831, Email. adele.taylor@rushmoor.gov.uk
Link: click here for the live stream
No. | Item |
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Minutes of the Previous Meeting PDF 92 KB To confirm
the Minutes of the Meeting held on 3rd September, 2020 (copy attached). Minutes: The minutes of the meeting held on 3rd September, 2020 were agreed as a correct record. |
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To review the
current Work Plan (copy attached). Minutes: The current
work plan was agreed. Updates were given on the Highways Task and Finish Group
and the car boots and markets workshop, which were both held in August, 2020. ·
Highways Task and Finish Group – the Group had agreed to meet with the Local
Area Highways Manager, unfortunately this had been delayed and a date would be
circulated as soon as possible. ·
Car Boot and Markets Workshop – since the meeting it was reported that
Officers had been working with the Operational Services Portfolio Holder to
seek a new approach to the provision of car boots and markets in the town centres. In response
to a query on the Educational Improvement Task and Finish Group, it was noted
that discussions were continuing with Hampshire County Council. Understandably,
the current focus was on getting the schools back to normal after the lockdown
closures but it was intended to invite the County Executive Member for
Education and Skills to a meeting of the Task and Finish Group in the New Year. |
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Exclusion of the Public To consider resolving: That, subject to the public interest test, the public be
excluded from this meeting during the discussion of the undermentioned item to avoid
the disclosure of exempt information within the paragraph of Schedule 12A to
the Local Government Act, 1972 indicated against such item: Item Schedule Category No. 12A Para. No. 4 3 Information
relating to financial or business affairs Minutes: RESOLVED: That, taking into account the public interest test, the public be excluded from the meeting during the discussion of the undermentioned items to avoid the disclosure of exempt information within the paragraph of Schedule 12A to the Local Government Act, 1972 indicated against the items: Minute Schedule Category Nos. 12A Para. No. 24 3 Information relating to financial or business affairs |
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Commercial Property Investment To receive
a presentation from Paul Brooks, Executive Head of Regeneration and Property,
Helen Bristow, Property and Estates Manager and Chris Hornung, Managing Director
LSH Investment Management, on the Council’s commercial property investment
portfolio. The presentation will cover the management arrangements, the
quarterly performance report (copy attached of confidential report) and the
impacts of COVID-19. Minutes: The
Committee welcomed Paul Brooks, Executive Head of Regeneration and Property,
Helen Bristow, Property and Estates Manager and Chris Hornung, Managing
Director Lambert Smith Hampton Investment Management (LSHIM), who attended the
meeting to give a presentation on the Council’s commercial property investment
portfolio. The presentation covered the management arrangements, the quarterly
performance report and the impacts of COVID-19. Ms.
Bristow, gave an overview of the management arrangements. It was noted that
between 2016 - 2018 the Council’s property investment portfolio had increased
in value to £105 million and it had been decided that more expertise was
required to help manage the existing portfolio and develop it further. In
November, 2019, LSHIM had signed a three year contract with the Council to
manage the portfolio. It was advised that LSHIM worked closely with the
Council’s Estates Team and the Property Investment Advisory Group (PIAG) to
manage two portfolios, the “Investment Portfolio”, including all new
acquisitions and the “Legacy Portfolio” which included properties which had
been owned by the Council for some time and had an amalgamated annual income of
around £40,000. It was
noted that monthly meetings were held with LSHIM to discuss asset management,
the action plan, individual cases/events and managing agent updates and
monitoring. Quarterly reports were also provided to the PIAG, which covered
rental data, portfolio data updates and market and sector advice. This way of
working encouraged collaboration, with mutually agreed objectives and
understanding of the Council’s requirements that worked well for both parties. The
benefits of working with LSHIM were considered to include: ·
A
market wide and cross sector analysis of the existing portfolio ·
A
sifting process of opportunities and recommendations for future investment
purchases ·
A
review process of the existing portfolio with options for change/disposal ·
Access
to specialists and a sounding board on specific projects ·
Advice
on regeneration projects, particularly the Civic Hub development The
Committee was advised of the working arrangements and purpose of the PIAG. The
purpose of the non-decision making group was to review any potential
opportunities for acquisitions, raise any queries or concerns and discuss the
merits of proposals before the opportunity was submitted to the Cabinet for
agreement and any offers were made. In addition, the PIAG also reviewed the
running of the portfolio and could make recommendations as part of that review
process. It also reviewed the risk and use of the property reserve held by the
Council and acted as a consultee on acquisitions and disposals. Mr. Brooks
then gave an overview of the Council’s Property Investment Strategy, the key
objectives of which were: ·
A
low risk profile ·
A
£170 million proportionate level of investment ·
An
ensured net income of 0.8% (after borrowing) ·
A
balanced investment portfolio across different property types Mr.
Hornung, then gave an overview of the quarterly report, this included an
executive summary which detailed key areas, including: ·
Sector
portfolio split, maximum limits had been set at – retail 25%, office space 35%,
industrial 35% and alternative (living sector) 15% · Acquisition and disposal information – ... view the full minutes text for item 24. |