The Executive Director – Development has submitted a report to agree the council’s commercial investment portfolio strategy.

Recommendations: That Cabinet resolves to:

1.    Agree the overarching property investment strategy contained in the confidential appendices; and

2.    Note that the Leader will delegate the authority for the decision in relation to individual property transactions to the Cabinet Member for Finance and Asset Management.

The Executive Director – Development had submitted a report to agree the council’s commercial investment portfolio strategy.

Councillor Ed Turner, Cabinet Member for Finance & Asset Management, introduced the report. He reminded Cabinet that the property portfolio generated £12m of revenue per annum. Given the significance  of this strand of Council investment, some external professional review of the make up of the portfolio and the individual assets within it had been carried out. Central to this advice was the recommendation to reduce the exposure to retail and diversify the capital distribution into other property sectors.

Jane Winfield,  Regeneration & Major Projects Service Manager assured Cabinet that disposals would only proceed after a process of due diligence and that full account would be taken of potential future use and value.

Cabinet resolved to:

1.    Agree the overarching property investment strategy contained in the confidential appendices; and

2.    Note that the Leader will delegate the authority for the decision in relation to individual property transactions to the Cabinet Member for Finance and Asset Management.