Decision Maker: Strategy and Resources Committee
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
The Committee considered a report recommending the Corporate Asset Management Strategy 2015-2019 including proposals for an Investment Property Portfolio. Members requested that any use of delegated authority to the Chief Executive to authorise the acquisition of commercial property up to £5million be reported back to the Strategy and Resources Committee.
1. That the portfolio management and governance proposals set out in the report and accompanying policy be agreed.
2. That the Statement of Ethical Investment in Property to guide the growth and management of the portfolio be agreed
3. That the Council commit to the aim of increasing the gross revenue income from property investment by £1.6m by 2019.
4. That it be agreed that all new acquisitions are to achieve a minimum of 2% return net of borrowing and other costs associated with the acquisition.
5. That authority be delegated to the Chief Executive to authorise acquisition of commercial property up to a value of £5m, where the property has been assessed and recommended for purchase in line with the policy for governance and portfolio management with any decisions taken under this authority reported back to the Strategy and Resources Committee.
6. That the disposal of the following properties be agreed either by private treaty or through auction with the reserve price at auction set at the values indicated in the exempt Appendix B:
i. Building at 7/7a High Street, Cheam
ii. Building at 9/9a High Street, Cheam
iii. Building at 11 Lower Road, Sutton
iv. Land adjacent to Manor Chambers, Throwley Way, Sutton
v. Land at Bank Mews, Sutton Court Road, Sutton
vi. Land at North End Tavern, Cheam Common Road, Cheam, subject to further discussions with ward councillors
vii. Land rear of 105 Stafford Road, Wallington
Publication date: 02/10/2015
Date of decision: 28/09/2015
Decided at meeting: 28/09/2015 - Strategy and Resources Committee