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 agree the minutes of the meeting held on 17 August 2020 as a correct record.

The minutes of the meeting held on 17 August 2020 were approved as a correct record.

To move the exclusion of the Press/Public for the following items, 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 items 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 on the acquisition of a property and make a recommendation to Cabinet.

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, disclosure to the public would prejudice the financial position of the authority in the bidding process for the site by allowing other bidders to know the position of the Council.  This in turn prejudices the Council by (i) distorting the bids process and (ii) prejudicing the opportunity for the Council to acquire a site in order to enable regeneration in the Borough.

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 an opportunity to acquire a site for strategic regeneration within the Borough.

Alternative options considered and rejected by the Committee:

·         Not to acquire the asset.

Resolved to recommend Cabinet to:

1.    Approve the acquisition of the site for strategic regeneration within the Borough;

2.    Agree the offer submitted for the acquisition, and authorise the Chief Executive in consultation with the Chief Finance Officer, the Leader and the Cabinet Member for Finance to undertake any necessary subsequent negotiations (including a further bid if required) and complete the acquisition of the asset;

3.    Authorise the Chief Finance Officer to decide (i) the most financially advantageous funding arrangements for the purchase, (ii) the most tax efficient method of holding the asset, and overall to ensure the acquisition is prudentially affordable; and

4.    Authorise the Head of Corporate Governance to enter into any legal documentation necessary to acquire the asset;

Reasons for Decision

This regeneration acquisition directly supports the Council’s longer term sustainability vision for the town centre, enabling reduced reliance on mainstream retail and a transition towards more diversified uses including residential.  Moreover, it enables the Council to attain control of a key High Street unit that is currently integrated and focal to the shopping centre, and strategically important to the wider Staines-upon-Thames town centre and the Council’s regeneration aspirations.  The acquisition provides a long term residential led, mixed-use development opportunity for the Council.

Councillor J. McIlroy

To consider an exempt report in relation to the surrender of the lease at Property ‘I’.

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.

This report was withdrawn.

To receive a verbal update on an urgent action taken on 9 July 2020 in relation to the letting of part 1st floor Charter Building, Uxbridge and part ground floor, Porter Building Slough.

Reason for Exemption

This verbal update is likely to contain 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.

The Portfolio Holder for Asset Management, Councillor J. McIlroy provided the Committee with a verbal update on a lease agreed at an asset, under an urgent action approval dated 9 July 2020.

He reported on the deviation from the original budget for the cost of the works to accommodate the tenant. This was considered acceptable.

The Committee agreed to note the acceptable deviation from the original budget for the cost of the works to accommodate the tenant in relation to this urgent action approval.