Decision details

RESOLVED:

That District Executive recommend that the Chief Executive agrees 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 in line with 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;

f.

approve the proposal for the reduction of requirement for reporting to the pre-Covid-19 frequency of every six months, rather than every three months, in light of the more settled economic landscape, with a quarterly dashboard type progress document.

Reason:

To provide Members with a quarterly update on progress with implementing the commercial investment component of the Commercial Strategy agreed by Council.