Recruitment Pack
Independent Member of Spelthorne Borough Council’s Commercial Assets Sub Committee
August 2024
Contents
- Advertisement
- Personal Specification
- Terms of Reference of the Audit Committee
- Recruitment Process
- Application Form
Advertisement
Vacancy for Independent Member of the Commercial Assets Sub Committee
The Council is looking for a local person, unaffiliated to the
Council’s political groups and with no connection with the
Council, to sit on our Commercial Assets Committee (CASC). We are
looking for a person with experience of working in an organisation
at a senior level or have other experience which would give similar
experiences. Ideally you will have Asset management experience
(Tenancy management, investment, acquisition/disposal transactions
of large multi-let commercial office premises).
CASC is a newly formed committee with effect from May 2024 and will provide challenge and assurance in respect of the Council’s management of its commercial property investments. CASC is a non-decision-making committee, with the remit of assessing the risk and understanding the wider financial issues connected to the Council’s investment portfolio to support the Council in ensuring that it is well managed and able to deliver its priorities.
The Sub-Committee focus on all aspects of the investment portfolio including approval of tenant lease events above a certain value threshold i.e. lettings, rent reviews and lease renewals. In addition, the committee will consider reports detailing performance of the assets against KPIs, and general property benchmarks. The committee will consider capital expenditure proposals and requests, in advance of these being taken to the Corporate Policy and Resources Committee and/or Full Council as appropriate to seek budget approval.
The Committee will meet monthly (usually on a Monday at 1.30pm). You will sit with elected councillors and bring an informed and independent perspective to the Committee. This is role which carries public responsibility.
You will be appointed up to the end of the 2027/2028 Municipal and this appointment may be renewed annually thereafter.
In order to be eligible to apply for the position, applicants must not be:
- Be a Councillor or officer of the Council or have been so in the preceding five years prior to appointment
- Be related to, or a close friend of, any Councillor or officer of Spelthorne Borough Council.
- Have been convicted of any offence.
- Be an undischarged bankrupt
- Have significant business dealings with the Council
- Have a formal connection with any political group
If you are interested in becoming an Independent Member of the Commercial Assets Sub Committee, please apply by completing the application form.
There is an annual allowance of £2000 for the role. You can also view an information pack about the role.
The closing date for applications is 5pm Wednesday 11th
September 2024. Applications will be considered by the
committee in mid-September and those short listed will then be
contacted about the interview process and dates in late
September.
For more information or an informal discussion, please contact Coralie Holman, Group Head of Assets on 01784 446243.
Personal Specification
Qualifications and Experience
You will be a person who has experience of working in a medium / large organisation at a senior level or other experience which would give similar benefits.
You are required to have experience dealing with decision making connected to the Asset Management of a Commercial Property Portfolio. This should include in-depth understanding of tenancy management (i.e. lettings, rent reviews lease renewals), investment transactions i.e. acquisition/disposal transactions of large multi-let commercial office premises.
Skills
You will have:
- an ability to understand complex property issues and the importance of accountability and probity in public life
- an ability to analyse and question written and verbal reports in respect of the strategic asset management of commercial property activities
- an understanding of the need to safeguard and maximise income whilst managing and reducing associated risk
- an ability to demonstrate integrity and discretion
- effective interpersonal skills
- be able to maintain strictest confidentiality of sensitive information
Knowledge
All members of the Commercial Assets Sub Committee should have, or should acquire as soon as possible after appointment:
- An understanding of the objectives and key activities of the Council and current major initiative and significant issues for the Council
- An understanding of the Council’s structures and responsibilities, including key relationships with partners, businesses and organisations
- An understanding of the organisation’s culture
- An understanding of any relevant legislation or other rules governing the organisation
- An understanding of corporate governance arrangements in place across the Council
- An understanding of the governance environment generally
- An understanding of risk management
Other
You must:
- Have local connections, and either reside in the Borough, carryout the main part of your work in the Borough or have other recognisable ties to the area.
- Agree to abide by the provisions of the Code of Conduct while serving on the Committee.
You must not:
- Be a councillor or officer of the Council or have been so in the preceding five years prior to appointment
- Be related to, or a close friend of, any councillor or officer of Spelthorne Borough Council.
- Have been convicted of any offence. The Council has the right to DBS check any independent committee members.
- Be an undischarged bankrupt
- Have significant business dealings with the Council
- Have a formal connection with any political group
- Have a proven history of vexatious and/or frivolous complaints against Spelthorne Borough Council
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Be the holder of a significant office in an organisation being
grant aided/supported by Spelthorne Borough Council
Terms of Reference of the Commercial Assets Sub Committee (CASC)
COMMERCIAL ASSETS SUB-COMMITTEE
Objective
Within the overall policies and strategies set by the Council, to provide leadership, decision making and accountability for the management of the Council's Investment properties and commercial assets within the Council’s regeneration programme.
Membership
A minimum of 4 Members reflecting political balance, with at least 1 member from each political party. An independent member will also be appointed.
Functions
1. Acquisitions relating directly to Regeneration purposes only (acquiring assets for alternative purposes is not covered via the Objectives of this Sub-Committee)
(a) To receive recommendations from officers (where officer/member delegation financial limits are exceeded) as to possible new strategic property acquisitions for regeneration purposes only.
(b) Following (a) above, to give an initial steer on whether to investigate further those potential acquisitions.
(c) Following (b) above and any subsequent reports from officers, to make recommendations to the Corporate Policy & Resources Committee to proceed with acquisitions in accordance with relevant Council procedure rules.
2. Disposals
(a) To receive recommendations from officers (where officer/member delegation financial limits are exceeded) as to the potential freehold (or long leasehold) disposal of investment assets and/or commercial assets within the regeneration programme.
(b) To receive recommendations from officers (where officer/member delegation financial limits are exceeded) as to the potential joint venture initiative involving investments assets and/or commercial assets within the regeneration programme.
(c) Following (a) or (b) above to give an initial steer on whether to investigate further those potential disposals or joint venture initiatives.
(d) Following (c) above and any subsequent reports from officers, to make recommendations to the Corporate Policy & Resources Committee to proceed with the freehold (or long leasehold) disposal or joint venture initiative in accordance with the relevant Council procedure rules.
(e) To receive recommendations from officers and approve (or otherwise) any proposals for the granting of a new or reversionary lease at an aggregated rent over the term which exceeds officer delegation levels. Page 244 Part 3 section (b) Updated 25 April 2024
3. Management of Investment Assets and Commercial Assets within the Regeneration Programme
(a) To approve leasehold disposals (lettings) in investment assets (where officer/member delegation financial limits are exceeded.)
(b) To approve the change of use of investment assets including recommendations to the Corporate Policy and Resources Committee regarding alternative use or classification of the asset.
(c) To receive monthly update reports on the management of the investment assets in accordance with the adopted Asset Management Strategy, including rental income, potential letting opportunities, pending break option and lease expiries over the next 12- month period, significant assignments and any other estate management issues based on officer recommendations.
(d) To approve the exercise of a break option under the terms of lease of land or property where officer/member delegation financial limits are exceeded.
(e) To approve or agree to the surrender of a lease of land or property where officer/member delegation financial limits are exceeded.
(f) To approve new lettings where the rental income per annum (net of VAT) exceeds £100k.
(g) To approve lease renewals where the rent in the first year of the new lease is less than 50% of the passing rent of the previous lease, or where the financial impact exceeds £250k.
(h) To receive monthly arrears reports on each individual asset/tenant within the investment portfolio by rent quarters.
(i) To be notified of any potential arrears and issues being faced by individual tenants (including taking decisions on tenant requests to change from quarterly to monthly payments or rent deferment requests) where the rental income exceeds £100,000pa and to be advised of steps being taken by officers to mitigate that risk.
(j) To receive quarterly reports on the Investment Sinking Funds and to be notified of any change of adverse impact and mitigation measures which are being taken to address.
(k) To receive notification of and authorize any non-budgeted capital expenditure or any capital expenditure over £50,000. on the investment portfolio.
(l) To approve, the settlement of rent reviews, lease renewals or lease re-structuring negotiations in respect of the Investment assets where officer/member delegation financial limits are exceeded.
(m) To review, advise on and approve formal reporting of the investment portfolio to CPRC and/or full council to include Asset Investment Strategies, Business Plans, Key Performance Indicators, Risk Registers, and half yearly update reports.
(n) To agree the scope of the annual reporting on the Council’s investment and regeneration portfolios with the Assets Team.
4. Frequency
Monthly day time meetings. Where meetings are not necessary for lack of business they will be cancelled.
Recruitment Process
- Application submission deadline 5pm Wednesday 11th September 2024
- Applications will be considered and a shortlist of candidates for interview will be produced.
- Interviews will take place. This will not involve any other tests or activities.
- Recommendation for appointments presented to the Corporate Policy & Resources Committee and then Full Council for decision
Application form
SPELTHORNE BOROUGH COUNCIL
APPLICATION FOR THE POST OF INDEPENDENT MEMBER
Personal Details
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Name:
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Home Telephone:
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Address:
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Work Telephone:
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Mobile:
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Email:
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Please read the Person Specification before completing this form.
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Are you currently, or have you been at any time in the past five years, a member of Spelthorne Borough Council or any other local authority?
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Yes/No
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If yes, please state which Council and give dates.
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Are you a paid-up member of a political party?
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Yes/No
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If yes, please give details.
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Are you currently, or have you been at any time in the past five years, employed by Spelthorne Borough Council or any other local authority?
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Yes/No
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If yes, please state which Council and give dates.
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Are you the subject of a Bankruptcy Restrictions Order or Interim Order?
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Yes/No
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Do you have any convictions that remain unspent?
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Yes/No
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If yes, please enclose details.
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Are you the subject of a Bankruptcy Restrictions Order or Interim Order?
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Yes/No
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