Issue - meetings

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

RESOLVED –  That Full Council be recommended that the Asset Management Plan 2020/21 be adopted

REASON FOR DECISION:

The Plan supports the Council’s Corporate Priorities in the Five Year Plan.

John Antoniades, Estates Manager introduced the Report that presented the Asset Management Plan 2020/21 for consideration.  Discussion and responses to Members questions included the following matters:

-       The Plan provided a management strategy for the Council’s property assets. 

-       The Plan summarised the value and composition of the Council’s current portfolio and identified the main portfolio ambitions for 2020/21.

-       The portfolio was currently valued at £106.77m as at 31 March 2019.

-       So far this financial year, the Council had negotiated lease renewals, new lettings and rent reviews to an increase value of approximately £109,000 annually on Council property.  In addition, property rentals that were subject to annual rental increase were increased over this financial year and have resulted in an annual rental increase of £7,000 per annum.

-       The planned maintenance programme for 2019/20 would have completed works to the value of £600,000.   Capital projects to the value of £600,000 had also been either progressed or completed during 2019/20.  Capital receipts to the value of £1.69m had now been received.

-       The development of the Amelia Scott cultural hub was now underway as was the Royal Victoria Place refresh by British Land. 

-       The rise in capital value and increased saleability of assets was welcome.

-       A request that consideration be given to produce a map that gave details of where the assets were so that it was easier for all to identify them (rather than just in written form).

RESOLVED – That Full Council be recommended that the Asset Management Plan 2020/21 be adopted

REASON FOR DECISION:

The Plan supports the Council’s Corporate Priorities in the Five Year Plan.

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 presented the Asset Management Plan 2020/21 for consideration.  Discussion and responses to Members questions included the following matters.

-       The Plan provided a management strategy for the Council’s property assets.

-       The Plan summarised the value and composition of the Council’s current portfolio.

-       It identified the main portfolio ambitions for 2020/21.

-       The Plan was produced in January 2020, the figures and details would change as the year progressed. The portfolio was currently valued at £106.77m as at 31 March 2019.

-       To date the Council had negotiated lease renewals, new lettings and rent reviews to an increase value of approximately £109,000 annually on Council property.

-       The planned maintenance programme for 2019/20 would have completed works to the value of £600,000. 

-       Capital projects had been progressed or completed to the value of £600,000 during 2019/20.  Capital receipts to a total value of £1.17m had been received from the disposal of surplus land and a property asset.

-       The Royal Victoria Place refurbishment agreement was completed in November 2019 -  a total of £11m.

-       Some leases were reviewed to full open market value.  RPI was considered for lettings.  Historically, when the markets were performing badly, when considering rent reviews a better result and/or a larger increase could be achieved with an RPI increase as opposed to a market review.  If the market was performing very well, an open market review worked better. 

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