Decision details

RESOLVED:

That District Executive agreed to:-

a.

Note the resilience of the property investment portfolio throughout the COVID-19 pandemic.

b.

Note progress made to date in acquiring new commercial property investments and the asset management following acquisition.

c.

Note the return being achieved across the portfolio which is slightly below the Council’s target of 7%.

d.

Note progress being made in securing income from our existing assets and the contribution to the revenue budget towards the revised £3.35m target.

e.

Note progress being made in disposals and transfers of existing assets, resulting in a reduction of future liabilities associated with these assets.

Reason:

To note the progress with implementing the Commercial Strategy agreed by Council including the commercial investments and management of the existing asset portfolio since the last half yearly update in December 2020.