Agenda, decisions and minutes

To receive any apologies for non-attendance and details of Member substitutions.

Apologies were received from Councillor Chandler, and Councillor Howkins attended as her substitute.

Apologies were received from Councillor Chandler, and Councillor Howkins attended as her substitute.

To confirm as a correct record the minutes of the meeting held on 05 August 2024.

The Committee resolved to agree the minutes of the meeting held on 5 August 2024 subject to the amendments raised at the meeting.

The Chair requested the minutes of the meeting held on 5 August 2024 to be amended to include the name of the building referenced under ‘Urgent Actions’ and to include the Committee’s request for end-of-project reports to be added to the forward plan. The Committee agreed the requested amendments.

The Committee resolved to agree the minutes of the meeting held on 5 August 2024 subject to the amendments raised at the meeting.

To receive any disclosures of interest from members in accordance with the Members’ Code of Conduct.

There were none.

There were none.

The Chair, or his nominee, to answer any questions raised by members of the public in accordance with Standing Order 40.

At the time of publication of this agenda no questions were received.

There were none.

There were none.

To consider any urgent action that have arisen since last meeting.

There were none.

There were none.

To note the Forward Plan for future Commercial Assets Sub-Committee business.

The Committee resolved to note the forward plan for future committee business.

The Committee resolved to note the forward plan for future committee business.

To receive an update on the recruitment process for the Independent Person.

The Committee resolved to note the update on the recruitment of an independent person for the Commercial Assets Sub-Committee.

The Committee received an update on the recruitment of the independent person to sit on the Commercial Assets Sub-Committee.

The Group Head – Assets advised the post had been advertised but had received no expressions of interest or applications. The closing date had been extended with a broadened description of the role, and had been circulated to the residents associations in the borough to garner interest.

The Committee expressed support for the Group Head – Assets to expand the criteria and search if the current recruitment was not successful.

The Committee resolved to note the update on the recruitment of an independent person for the Commercial Assets Sub-Committee.

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.

It was proposed by Councillor Beatty, seconded by Councillor Gale and resolved to exclude the public and press for the following agenda items, in accordance with paragraph 3 of part 1 of Schedule 12A of the Local Government Act 1972 (as amended) because it was likely to disclose 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 being able to undertake even-handed negotiations and finalising acceptable contract terms.

To receive an update on the rent collection, voids and arrears of the Commercial Portfolio.

The Committee received updates on the commercial portfolio from the Commercial Asset Managers.

The Committee were advised of rent collection rates for the latest quarter, previous four quarters, and arrears. The Committee were also provided with updates on voids, expressions of interest, and discussions with tenants over refurbishments or space.

The Committee resolved to note the updates.

To consider a report on the proposed letting terms for the 3^rd and 4^th Floors of Tothill Car Park.

The Committee resolved to:

1)    Approve the letting of the 3^rd and 4^th Floors of Tothill Car Park;

2)    Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree to any variations to the proposed terms; and

3)    Authorise the Group Head of Corporate Governance to enter into the lease and any ancillary legal documentation.

The Committee considered a request for the letting of the 3^rd and 4^th floors of Tothill Car Park.

The Committee resolved to:

1)    Approve the letting of the 3^rd and 4^th Floors of Tothill Car Park;

2)    Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree to any variations to the proposed terms; and

3)    Authorise the Group Head of Corporate Governance to enter into the lease and any ancillary legal documentation.

To consider a report on the proposed reletting of Unit 46, Elmsleigh Shopping Centre.

The Committee resolved to

1)    Approve the letting of Unit 46 Elmsleigh Shopping Centre;

2)    Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree to any variations to the proposed terms; and

3)    Authorise the Group Head of Corporate Governance to enter into the agreement for lease and any ancillary legal documentation.

The Committee considered a request for the letting of Unit 46 in the Elmsleigh Shopping Centre.

The Committee resolved to

1)    Approve the letting of Unit 46 Elmsleigh Shopping Centre;

2)    Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree to any variations to the proposed terms; and

3)    Authorise the Group Head of Corporate Governance to enter into the agreement for lease and any ancillary legal documentation.

To consider a report on the draft exit strategy for each investment asset.

The Committee resolved to approve the form and detail of the Exit Strategy for each investment asset subject to incorporation of the comments raised at the meeting.

The Committee considered draft exit strategies for three properties in the Asset Portfolio. The Group Head – Assets advised that the exit strategies would complete a suite of documents related to each Asset, and feedback from the meeting would be incorporated into future strategies presented to the Committee.

The Committee resolved to approve the form and detail of the Exit Strategy for each investment asset subject to incorporation of the comments raised at the meeting.

Meeting ended 15:10