Agenda and draft minutes

To agree the minutes of the meeting held on 16 September 2020 as a correct record.

The minutes of the meeting held on 16 September 2020 were agreed as a correct record.

To receive any disclosures of interest from members of the Committee in accordance with the Council’s Code of Conduct for members.

There were none.

To move the exclusion of the Press/Public for the following item, in view of the likely disclosure of exempt information within the meaning of Part 1 of Schedule 12A to the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to information) (Variation) Order 2006.

Resolved to move the exclusion of the Press and Public for the following item in view of the likely disclosure of exempt information within the meaning of Part 1 of Schedule 12A to the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to information) (Variation) Order 2006.

Councillor J. McIlroy

To consider an exempt report in relation to a new lease in relation to Property ‘J’.

Reason for exemption

This report contains exempt information within the meaning of Part 1 of Schedule 12A to the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to information) (Variation) Order 2006:

Paragraph 3 – 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 if potential tenants were aware that the Council publish commercial information prior to leases being completed, they would be dissuaded from transacting with the authority and this may put the authority at a disadvantage in securing tenants for its properties.

(Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information)

The Property and Investment Committee considered an exempt report on property letting ‘J’.

Councillor J. McIlroy, portfolio holder for asset management outlined the proposed terms of the lease and responded to questions on the risks and the benefits associated with it.

Alternative options considered and rejected by the Committee:

·         Not to agree the new letting

The Committee was advised that it had the authority to make a decision on this matter and did not need to recommend it to Cabinet as stated in the report.

Resolved to approve the lease on the terms set out in the exempt report in relation to property letting ‘J’,

Reason for Decision:

To secure a stable retail occupier in this key location, a retailer that will contribute to footfall and therefore to income for the Elmsleigh Centre and the High Street,  through this anticipated period of post-pandemic recovery and beyond.

Councillor J. McIlroy

To consider an exempt report in relation to a new letting in relation to  Property ‘K’.

Reason for exemption

This report contains exempt information within the meaning of Part 1 of Schedule 12A to the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to information) (Variation) Order 2006:

Paragraph 3 – 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 if potential tenants were aware that the Council publish commercial information prior to leases being completed, they would be dissuaded from transacting with the authority and this may put the authority at a disadvantage in securing tenants for its properties.

(Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information)

The Property and Investment Committee considered an exempt report on property letting ‘K’.

Councillor J. McIlroy, portfolio holder for asset management outlined the proposed terms of the lease and responded to questions on the risks and benefits associated with it.

Alternative options considered and rejected by the Committee:

·         Not to agree the new letting

Resolved to approve the lease on the terms set out in the exempt report in relation to property letting ‘K’.

Reason for Decision:

The property is currently vacant and incurring void costs.  The proposed letting is to a good quality tenant for a minimum of term of seven years.  The terms of the letting are in line with the current valuation and prevailing market conditions.