Issue - meetings

Property Asset Disposal and Investment Strategy (PADIS)

Meeting: 19/11/2021 - Audit Committee (Item 27)

27 Property Asset Disposal and Property update pdf icon PDF 130 KB

Report by the Chief Operating Officer

Additional documents:


27.1     The Committee considered a report by the Chief Operating Officer, together with exempt information contained in a later agenda item. 


27.2     The Assistant Director Property set out the three main strands of work, and the change in approach to disposals of assets for a capital receipt, adopting a programme management approach to the sequencing of disposals. He also set out the department’s consideration of surplus properties, and whether they could be used for income generation or community use.  Rental income has increased, which allows the Council to increase its asset base.


27.3     The Assistant Director also highlighted the Property Services’ response to the pandemic in addressing changing patterns of working.  The Assistant Director also set out the outcomes of the senior leadership review, and the establishment of the following roles: Head of Operational Management and Workplace; Head of Asset Management and Performance; and Head of Disposals and Estates. 


27.4     The Assistant Director drew attention to the recent reviews by the National Audit Office and Public Works Loan Board into local authority borrowing to fund commercial investments.  He confirmed there are no immediate proposals to acquire commercial assets.            


27.5     The Committee discussed:

27.5.1  Valuations on properties to be disposed of, and the timeliness of such disposals given market uncertainty – The Assistant Director set out that the majority of disposals are for residential developments, which is still a buoyant market.  Any disposal by auction is subject to a high reserve price, to ensure a reasonable return.  The market for small industrial units and yards is also holding up.

27.5.2  Working with district and borough councils, and the provision of infrastructure – The Assistant Director highlighted the SPACES programme, which focusses on sharing asset knowledge and utilisation with other public sector bodies (authorities, blue light, health and educational). 

27.5.3  Use of capital receipts – The Assistant Director and Chief Finance Officer set out the contributions of disposals to the overall Capital Programme and Medium Term Financial Plan.


27.6     The Committee RESOLVED to note the report.


Meeting: 19/11/2021 - Audit Committee (Item 30)

Property Asset Disposal and Property update - exempt information

Report by the Chief Operating Officer


30.1     The Committee considered a report by the Chief Operating Officer which provided exempt information in support of an earlier agenda item.


30.2     The Committee RESOLVED to note the information.