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  • Agenda and minutes

    Property and Investment Committee
    Monday, 22 June 2020 9.30 am

    Venue: Skype for Business video conferencing

    Contact: Gillian Scott  Email: g.scott@spelthorne.gov.uk

    Items
    No. Item

    2708/20

    Disclosures of Interest

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

    Minutes:

    There were no disclosures of interest.

    2709/20

    Exempt Business

    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.

     

    Minutes:

    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.

     

    2710/20

    Exempt report - Property Letting 'D'

    Councillor H. Harvey

     

    To consider a report on the proposed property letting ‘D’.

     

    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.

     

    Minutes:

    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 ‘D’.

     

    The Asset Management Contractor outlined the proposed terms of the lease and the benefits to the Council of securing this tenant.

     

    Alternative options considered and rejected by the Committee:

    ·         Not to agree the letting.

     

    Resolved to approve the proposed letting ‘D’ on the terms set out in the exempt report.

     

    Reason for Decision:

    The unit is currently void and not income producing.  The proposed letting is in keeping with current market conditions and fits with the strategy of securing income in line with the major lease expiries elsewhere on the estate. 

    2711/20

    Exempt report - Property Letting 'E'

    Councillor H. Harvey

     

    To consider a report on the proposed property letting ‘E’.

     

    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.

     

    Minutes:

    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 ‘E’.

     

    The Asset Management Contractor outlined the proposed terms of the rent concession and the benefits, and risks, to the Council of assisting, or not, this tenant.

     

    Alternative options considered and rejected by the Committee:

    ·         Not to agree the rent concession.

     

    Resolved to approve a rent concession to property letting ‘E’, in return for a longer lease and additional security.

     

    Reason for Decision:

    The proposed terms will assist the cash flow of the tenant in the difficult economic climate, thereby preventing a void unit and associated void costs.

     

    2712/20

    Exempt report - Property Letting 'F'

    Councillor H. Harvey

     

    To consider a report on the proposed property letting ‘F’.

     

    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.

     

    Minutes:

    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 ‘F’.

     

    The Asset Management Contractor outlined the proposed terms of the lease and the benefits to the Council of securing this tenant. 

     

    Alternative options considered and rejected by the Committee:

    ·         Not to agree the letting.

     

    Resolved to approve the letting for property ‘F’ on the terms as set out in the exempt report.

     

    Reason for Decision:

    The letting will reduce the void rate within the building.  It is in line with the business plan for the property and the terms are favourable in the current market.

    2713/20

    Exempt report - Property Letting 'G'

    Councillor H. Harvey

     

    To consider a report on the proposed property letting ‘G’.

     

    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.

    Minutes:

    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 ‘G’.

     

    The Property and Development Manager outlined the proposed terms of the deferment and the risks and benefits associated with it.

     

    Alternative options considered and rejected by the Committee:

    ·         Not to agree the rent deferment.

     

    Resolved to approve a rent deferment in relation to letting ‘G’, in return for a longer lease and extended security and an increase in the overall amount of rent received.

     

     

    Reason for Decision:

    The proposed terms will assist the cash flow of the tenant in the difficult economic climate and should prevent void units and associated void costs.