Decision details

Commercial Property Portfolio

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: No

Decisions:

The subject of the decision:

 

In January 2019, Cabinet approved the creation of a Commercial Property Portfolio in principle, subject to the development and approval of an investment strategy.  This report sought approval of the Investment Strategy; the purchase of properties in accordance with the Investment Strategy and the governance arrangements set out in the Investment Strategy.

 

Alternative options considered:

 

None.

 

The reason for the decision:

 

The Council’s Commercial vision as set out in the Commercial Strategy was to be self-sufficient by 2020/21and not rely on Government grant to support the budget.  Cabinet was satisfied that the proposals outlined in the report supported the Council’s vision.

 

THE DECISION:

 

That Cabinet approves and recommends to Council that:-

 

(1)     the investment strategy is approved, subject to agreement by the Leader of the Council on Member appointment to the Board and the Property Investment Committee;

 

(2)     authority is delegated to the Chief Executive:

 

          (i)    to set up a wholly owned company for the purposes of acquiring and managing investment properties;

 

          (ii)   to appoint legal and financial advisors in line with the Council’s procurement rules;

 

          (iii)  to appoint Lambert Smith Hampton as property advisors and property managers;

 

          (iv)  in consultation with the Leader of the Council to make minor amendments to the Investment Strategy that may be necessary; and

 

(3)     authority is delegated to the S151 Officer for the financing of the commercial property portfolio.

Reason Key: Expenditure > £50,000;

Wards Affected: All Wards;

Other reasons / organisations consulted

None

Consultees

None

Contact: Hannah Heinemann, Head of Service - Commercial and Programme Management Email: hannah.heinemann@hambleton.gov.uk.

Report author: Hannah Heinemann

Publication date: 04/09/2019

Date of decision: 03/09/2019

Decided at meeting: 03/09/2019 - Cabinet

Accompanying Documents: