Agenda and draft minutes

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

There were none.

To confirm as a correct record the minutes of the meeting held on 27 January 2025.

The minutes of the meeting held on 27 January 2025 were agreed as a correct record.

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

Mark Bunney, Independent Member of the Commercial Assets Sub-Committee, advised that he was employed by Knight Frank Investment Management LLP, a wholly owned subsidiary of Knight Frank LLP and would not provide an opinion or view on matters where Knight Frank had provided a valuation.

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.

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

There were none.

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

The Group Head – Assets confirmed that the remaining business plans as well as the SPV information would be presented to the Sub-Committee in March.

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

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.

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 Paragraph 3 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 Williams 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 Sub-Committee received updates on the Commercial Portfolio.

The Sub-Committee resolved to note the updates.

To receive an update on Investment Portfolio Refurbishment Projects.

The Sub-Committee received updates on the refurbishment projects for the investment portfolio.

The Sub-Committee resolved to note the updates.

To receive the annual Business Plans for the BP Main Campus, the BP Southwest Corner, 3 Roundwood Avenue, and 12 Hammersmith Grove.

The Sub-Committee received the annual business plans for BP Main Campus, BP Southwest Corner, 3 Roundwood Avenue, and 12 Hammersmith Grove.

The Sub-Committee resolved to note the annual business plans for BP Main Campus, BP Southwest Corner, 3 Roundwood Avenue, and 12 Hammersmith Grove.

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

The Sub-Committee considered a report on the proposed letting of the 5^th and 6^th Floors of Tothill Car Park.

The Sub-Committee were advised of the terms of the letting and how it aligned with the letting of the 3^rd and 4^th floors.

The Sub-Committee resolved to approve the recommendations as set out in the report.

To consider a report on the proposed lease renewal for units 38-39, Elmsleigh Shopping Centre, Staines-Upon-Thames TW18 4QB.

This item was deferred to a future meeting.

To consider a report on the proposed lease renewal for units 13-14, Elmsleigh Shopping Centre, Staines-Upon-Thames TW18 4QB.

The Sub-Committee considered a lease renewal for Unit 13-14 in the Elmsleigh Shopping Centre.

The Sub-Committee were advised of the terms of the lease and plans for the unit.

The Sub-Committee resolved to approve the recommendations as set out in the report.

To consider a report on the proposed lettings and surrenders for 77 High Street and Unit 35/36 Elmsleigh Shopping Centre.

The Chair authorised the addition of this item to the agenda for the following reason:

“Due to an urgent decision being needed, this item has been added as it would not have been practicable to delay consideration until the next meeting of the Commercial Assets Sub-Committee.”

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 any lease, contract, or other type of negotiation with the tenant or developer, who could then know the position of the Council.

The Sub-Committee considered proposed lettings and surrenders for 77 High Street and Unit 35/36 Elmsleigh Shopping Centre.

The Chair agreed to the consideration of this item, in accordance with paragraph (4)(b) of section 100B of the Local Government Act 1972 for the following reason:

“Due to the cycle of meetings, it would not have been practicable to delay consideration of the report until the next meeting.”

The Sub-Committee were advised of the terms of the lettings and the works required to enable the tenants to start trading.The Sub-Committee were supportive of the proposals.

The Sub-Committee resolved to approve the recommendations as set out in the report.

Meeting ended 15:50