Issue - meetings

The Sub-Committee is asked to consider the extension of the current property management contract, and appointment of a new three year property management contract for the investment portfolio.

The Sub-Committee considered a request to extend the current property management contract for the investment portfolio while a comprehensive procurement was undertaken to seek a new property management contract. The new contract would be flexible to allow management of assets to be brought in-house if needed.

The Sub-Committee noted the six-month timescale and queried if it was achievable. The Group Head-Assets confirmed that the contract could be extended if required, however they did not think it would be necessary.

The Sub-Committee resolved to exclude the public and press for the remainder of the discussion of this item in view of the likely disclosure of exempt information within the meaning of Paragraph 3 of Part 1 of Schedule12 A of the Local Government Act 1972.

The Sub-Committee re-entered public session for a vote.

The Sub-Committee resolved to

1)    Approve the direct award of a property management contract for the investment portfolio to Cushman and Wakefield for the period 1 April 2025 to 30 September 2025 in accordance with the terms set out in the report.

2)    Authorise the Group Head of Corporate Governance to enter into the short-term property management contract with Cushman and Wakefield for the period 1 April 2025 to 30 September 2025.

3)    Approve the procurement of a new property management contract for the investment portfolio for a period of 3 years from 1 October 2025, subject to a further report being taken to Corporate Policy and Resources Committee and then Council seeking approval to enter into a contract with the preferred bidder.