Issue - meetings

Report of the Assistant Director of Property and Housing attached.

Decision made (Unanimously):

1.    Cabinet supports a review being undertaken of the Council’s commercial investment property portfolio which will assess the performance of assets, develop the asset management plan and inform strategy for acquisitions and disposals.

The Cabinet Member (Finance, Property and Assets), Councillor Matthew Tomlinson, presented a report of the Assistant Director of Property and Housing that provided Cabinet with an update on the suggested approach for undertaking a strategic review of the investment property portfolio.

The Cabinet Member reported that the Council owned around 700 assets across the Borough but did not have much information as to why we own some of our assets. However, occupancy rates were good. The review would evaluate which assets should be retained or disposed of, for the benefit of residents.

In response to a query the Cabinet Member clarified that discussions were in an advance stage for the letting of the vacant space available on the Civic Centre and they were confident that the building would be filled to capacity in the near future.

Decision made (Unanimously):

1.    Cabinet supports a review being undertaken of the Council’s commercial investment property portfolio which will assess the performance of assets, develop the asset management plan and inform strategy for acquisitions and disposals.

Reason(s) for decision:

It is important that the Council develops a rigorous and robust approach to managing its assets in order to ensure that returns are maximised, managed and mitigated, and a clear process is put in place to address any under-performing assets.

Alternative Options Considered and Rejected:

The Council could choose not to undertake a review. However, it is evident that there is a pressing need for greater clarity and assurance in relation to the performance of the commercial asset portfolio and it is essential that the Council adopts a pro-active approach to managing and minimising any risks which are highlighted through the review.