Issue - meetings

To consider the report of the Corporate Director of Transformation & Resources.

Consideration was given to the Corporate Director of Transformation & Resources, as contained on pages 153 to 196 of the Book of Reports, which set out details of a review of the Council’s existing Commercial Property Portfolio and advised on current performance and indicating future trends, demand and investment needs, including the further action that will be required to successfully manage the portfolio in the medium to longer term. 

The report also set out the current statutory framework and background context which councils seeking to grow their commercial property portfolios need to consider, and proposed an “Investing in West Lancashire - Commercial Property Strategy”.

A Motion circulated prior to the meeting, was moved and seconded.

A vote was taken on the Motion, which was CARRIED.

RESOLVED:     A.      That the contents of this report, including the future actions required, be noted.

B.      That the “Investing in West Lancashire - Commercial Property Strategy”, set out in Appendix 3 to the report, be approved, subject to the following:

(i)      Paragraph 4.11 The maximum gross rental income that is derived from any one property within the entire portfolio will be set at 20% of total rental exposure. If the maximum gross rental income that is derived from any one tenant within the entire portfolio is to exceed 12.5% of total rental exposure, this will be subject to review by the Strategic Asset Purchasing Committee.

(ii)     That paragraph 5.12 be removed.

C.      That the terms of reference for the Strategic Asset Purchasing Committee be updated to include the following function:

“To approve commercial property investments with a value of up to £5m in accordance with the Investing in West Lancashire - Commercial Property Strategy”.

(Relevant Portfolio Holders: Councillors I Moran and A Yates)

Consideration was given to the report of the Corporate Director of Place & Communities, which provided details of a review of the Council’s existing Commercial Property Portfolio advising on current performance and indicating future trends, demand and investment needs. The report set out the further action that will be required to successfully manage the portfolio in the medium to longer term and explained the current statutory framework and background context which councils seeking to grow their commercial property portfolios need to consider, including a proposed “Investing in West Lancashire - Commercial Property Strategy”.

In reaching the decision below, Cabinet considered the details as set out in the report before it and the reasons contained therein.

RESOLVED:   A.   That the contents of this report, including the future actions required, be noted.

B.   That the “Investing in West Lancashire - Commercial Property Strategy” set out in Appendix 3 to the report, be endorsed for approved by Council.

C.   That delegated authority be given to the Head of Finance, Procurement and Commercial Property to make investments in accordance with the Commercial Property Strategy, subject to approval of scheme funding of up to £5m by the Strategic Assets Purchasing Committee and approval by Council of schemes for over £5m.