Issue - meetings

To seek Cabinet’s approval of a Commercial Property Investment Policy to enable the acquisition of Commercial Property witin the budgets set out in the Capital Programme and in accordance with the Council’s Treasury Management Strategy.

That Cabinet:

(a)          authorised the acquisition of investment properties within the budget, criteria and delegations in resolutions (b), (c) and Recommendation (d) below;

(b)          approved the Commercial Property Investment Policy set out in Appendix A to item A.6 of the Joint Report of the Portfolio Holder for Finance, Revenues and Benefits and the Portfolio Holder for Enforcement and Community Safety, subject to resolution (a) above; and

(c)          authorised the Corporate Director (Corporate Services) to acquire and invest in property within the investment portfolio, subject to the budget and criteria above, in consultation with the Leader of the Council and the Portfolio Holder for Enforcement and Community Safety, and to enter into, and conclude, all legal agreements and in every respect manage the proposed investment portfolio within the criteria set out.

RECOMMENDED TO COUNCIL (d) that the Property Dealing Procedure contained a new exclusion at 1.2.5 that investment properties which become vacant through the duration of an existing lease being re-let swiftly through a Corporate Director (Corporate Services) decision, with the concurrence of the Portfolio Holder, ensuring maximum return.

There was submitted a joint report by the Portfolio Holder for Finance, Revenues and Benefits and the Portfolio Holder for Enforcement and Community Safety (Report A.6), which sought Cabinet’s approval of a Commercial Property Investment Policy in order to enable the acquisition of Commercial Property within the budgets set out in the Capital Programme and in accordance with the Council’s Treasury Management Strategy.

The proposed Commercial Property Investment Policy was before the Cabinet as Appendix A to the aforementioned report.

Having considered the proposed Policy, the Officers’ advice and the implications of this decision:-

It was moved by Councillor G V Guglielmi, seconded by Councillor Howard and:-

RESOLVED that Cabinet:

(a)              authorised the acquisition of investment properties within the budget, criteria and delegations in resolutions (b), (c) and Recommendation (d) below;

(b)              approved the Commercial Property Investment Policy set out in Appendix A to item A.6 of the Joint Report of the Portfolio Holder for Finance, Revenues and Benefits and the Portfolio Holder for Enforcement and Community Safety, subject to resolution (a) above; and

(c)              authorised the Corporate Director (Corporate Services) to acquire and invest in property within the investment portfolio, subject to the budget and criteria above, in consultation with the Leader of the Council and the Portfolio Holder for Enforcement and Community Safety, and to enter into, and conclude, all legal agreements and in every respect manage the proposed investment portfolio within the criteria set out.

RECOMMENDED TO COUNCIL (d) that the Property Dealing Procedure contained a new exclusion at 1.2.5 that investment properties which become vacant through the duration of an existing lease being re-let swiftly through a Corporate Director (Corporate Services) decision, with the concurrence of the Portfolio Holder, ensuring maximum return.