Minutes of the Commercial Assets Sub-Committee
27 January 2025
Present:
Councillor L. E. Nichols (Chair)
Councillor S.N. Beatty (Vice-Chair)
Councillors:
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H.R.D. Williams |
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Independent Member: M. Bunney
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Substitutions: |
Councillors M. Beecher (In place of A. Gale) D.C. Clarke (In place of R. Chandler) |
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Apologies: |
Councillors D. Saliagopoulos |
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1/25 |
Apologies for absence & substitutions
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Apologies were received from Councillor Chandler, Councillor Gale and Councillor Saliagopoulos. Councillor Clarke attended as substitute for Councillor Chandler, and Councillor Beecher attended as substitute for Councillor Gale.
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2/25 |
Minutes
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The minutes of the meeting held on 16 December 2024 were agreed as a correct record.
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3/25 |
Disclosure of Interest
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Mark Bunney, Independent Member of the Commercial Assets Sub-Committee, advised that he was employed by Knight Frank Investment Management LLP, a wholly owned subsidiary of Knight Frank LLP and would not provide an opinion or view on matters where Knight Frank had provided a valuation.
Councillor Clarke advised that he was a member of the Spelthorne Business Forum.
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4/25 |
Questions from members of the Public
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There were none.
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5/25 |
Urgent Actions
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There were none.
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6/25 |
Forward Plan
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It was agreed that the following items would be added to the Forward Plan:
Commercial Assets Risk Register – February 2025
Monroe K Elmsleigh Centre Management Report – April 2025
Summary report of all Commercial Assets Business Plans with aggregated values – March/April 2025
Report on Tenants with SPV’s – Date to be confirmed
The Sub-Committee resolved to note the forward plan for future committee business with the inclusion of the above agreed items.
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7/25 |
Exclusion of Public and Press (Exempt Business)
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It was proposed by Councillor Beatty, seconded by Councillor Williams and resolved to exclude the public and press for the following agenda items, in accordance with paragraph 3 of part 1 of Schedule 12A of the Local Government Act 1972 (as amended) because it was likely to disclose information relating to the financial or business affairs of any particular person (including the authority holding that information) and in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information because disclosure to the public would prejudice the financial position of the authority in being able to undertake even-handed negotiations and finalising acceptable contract terms.
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8/25 |
Commercial Portfolio Update
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The Sub-Committee received updates on the commercial portfolio.
The Sub-Committee resolved to note the updates.
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9/25 |
Elmsleigh property management update
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The Sub-Committee received an update on the Elmsleigh Shopping Centre Management.
The Sub-Committee resolved to note the update.
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10/25 |
Lease renewal Unit 4 Elmsleigh Shopping Centre, Staines-Upon-Thames TW18 4QB
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The Sub-Committee considered a report on a proposed lease renewal at Unit 4, Elmsleigh Centre.
The Sub-Committee were provided with a summary of the terms of the proposed lease.
The Sub-Committee resolved to agree to the recommendations as set out in the report.
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11/25 |
Summit Centre, Sunbury-on-Thames, Site Sale
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The Sub-Committee considered a report on the proposed disposal of the Summit Centre site.
The Sub-Committee resolved to agree to the recommendations as set out in the report.
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12/25 |
Investment & Regeneration Assets Business Plans
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The Sub-Committee received the annual business plans for Communications House, Porter Building, Thames Tower, and World Business Centre 4.
The Sub-Committee resolved to note the annual Business Plans for Communications House, Porter Building, Thames Tower, and World Business Centre 4.
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13/25 |
Ground Floor Letting, Charter Building
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The Sub-Committee considered a report on the proposed letting of the Ground Floor, Charter Building.
The Sub-Committee were advised of the terms of the proposed letting and how it compared to the current property market.
The Sub-Committee resolved to agree to the recommendations as set out in the report.
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14/25 |
Lease renewal, Communications House
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The Sub-Committee considered a report on the proposed lease renewal at Communications House.
The Principal Asset Manager provided the Sub-Committee with a summary of the proposed terms of the lease.
The Sub-Committee resolved to agree to the recommendations as set out in the report.
Meeting ended at 15:33