Decision details

The Committee considered the Annual Commercial Property Report 2022/23 from the Asset Manager. The report had previously been considered by the Development Sub-Committee at their meeting on 8 January 2024 and was recommended for approval by this Committee. The Asset Manager drew the Committee’s attention to the vacancy rates, portfolio value, and rent collected for the year.

The Committee noted that operating costs were lower than budgeted. The Asset Manager explained that this as due a delay in some refurbishments, though the costs of some refurbishment costs were substantially lower than anticipated.

The Committee resolved to:

1.     Note the Annual Commercial Property Report for the year ending 31 March 2023,

2.     Approve option B as outlined in the report; and

3.     Approve the publication of the report to make it publicly available.