Issue - meetings

To consider and decide on the recommendations as set out in the attached report.

RESOLVED:

1.     That the list of residential properties from the Council’s portfolio leased to and managed by Tunbridge Wells Property Holdings Ltd be extended be approved;

2.     That the leasing of Packs in the Wood to Tunbridge Wells Property Holdings Ltd for intensive property management be approved;

3.     That authority be given to the Director of Finance, Policy and Development in consultation with the Monitoring Officer, the Portfolio Holder for Finance and Governance to complete all necessary negotiations, legal processes and legal documentation to complete the granting of the lease be approved.

     REASON FOR DECISION:

To optimise the use of Council-owned property, whilst maximising economic returns

John Antoniades, Estates Manager, introduced the report that recommended the grant of a lease for Packs in the Wood to Tunbridge Wells Property Holdings Ltd from TWBC.

Discussion and questions from Members included the following:

-       To date 19 residential units were currently leased to Tunbridge Wells Property Holdings Ltd (TWPH Ltd).

-       The report recommended that Packs in the Wood be added to the list.

RESOLVED:

1.    That the list of residential properties from the Council’s portfolio leased to and managed by Tunbridge Wells Property Holdings Ltd be extended be approved;

2.    That the leasing of Packs in the Wood to Tunbridge Wells Property Holdings Ltd for intensive property management be approved;

3.    That authority be given to the Director of Finance, Policy and Development in consultation with the Monitoring Officer, the Portfolio Holder for Finance and Governance to complete all necessary negotiations, legal processes and legal documentation to complete the granting of the lease be approved.

     REASON FOR DECISION:

To optimise the use of Council-owned property, whilst maximising economic returns

To consider and provide a recommendation to Cabinet on the proposals set out in the attached report.

John Antoniades, Estates Manager introduced the report that recommended the grant of a lease for Packs in the Wood to Tunbridge Wells Property Holdings Ltd from TWBC.

Discussion and questions from Members included the following:

-       To date 19 residential units were currently leased to Tunbridge Wells Property Holdings Ltd (TWPH Limited).

-       The report recommended that Packs in the Wood be added to the list.

-       The building was currently being refurbished, with the work due to finish in the second week in February.

-       Subject to approval by Cabinet, TWBC would  then grant the lease to TWPH Limited.  Although difficult to be precise, TWBC would hope to secure a tenant within 3-6 weeks of it being advertised.

-       TWPH Limited gave the Council more flexibility in dealing with its property portfolio including being able to take advantage of Assured Shorthold Tenancies (ASTs) which optimised the open market rent that the Council could obtain. 

-       The Council constantly looked for opportunities to transfer suitable properties to TWPH Limited.  However it still retained a proportion of its residential stock to use for emergency housing etc. Regulated tenancies were not suitable for transfer into TWPH Limited.

-       The Council would not be loaning TWPH Limited any money in relation to this lease.

-       There was no right to buy provision for properties held by TWPH Ltd.

A recorded vote was requested:

Members who voted in favour of the recommendations: Councillors Dawlings (Chairman), Scott (Vice Chairman), Holden, Simmons, Reilly, Stanyer, Chapelard, Hickey, Hayward (9).

Members who voted against the recommendations: None

Members who abstained: Councillor Everitt (1).

RESOLVED – That the recommendations to Cabinet as set out in the report be supported.