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Contact: John Cater  Email: john.cater@cityoflondon.gov.uk

Items
No. Item

1.

Apologies for Absence

Minutes:

Apologies for absence were received from Christopher Hill, David Shaw OBE (co-opted Member) and David Brooks Wilson (co-opted Member).

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in respect of items on the agenda

Minutes:

Deputy Alastair Moss declared an interest in respect of items 9 and 16 and named companies that were clients of Mr Moss’s employer: Gardiner & Theobald and Mountain Warehouse Limited.

 ...  view the full minutes text for item 2.

3.

Minutes pdf icon PDF 186 KB

To approve the public minutes of the Property Investment Board meeting held on 17th January 2018.

 

 ...  view the full agenda text for item 3.

Minutes:

RESOLVED – That the public minutes and non-public summary of the meeting held on 17th January 2018 be approved.

 ...  view the full minutes text for item 3.

4.

City Surveyor's Departmental Quarterly Risk Register Update pdf icon PDF 90 KB

Report of The City Surveyor.

 ...  view the full agenda text for item 4.

Additional documents:

Minutes:

The Board considered a report of the City Surveyor relative to the City Surveyor’s Departmental Quarterly Risk Register Update.

 

Members were advised that the City Bridges related risks were being re-evaluated to better reflect the work of TFL and the City of London Police.  It was noted that the target was currently red but would be corrected as part of the exercise and a cross-departmental approach to management of those risks and future City Bridges related risks adopted.  In respect of SMT 009 – optimise effectiveness and use of the Oracle Property Management System, which was not a bespoke system, it was noted that all had been done to address existing risks and thus the risk had been reduced from 6 (amber) to 4 (green).

 

RESOLVED: - That –

(i)            the report be noted; and

(ii)           the actions taken within the City Surveyor’s Department to effectively monitor and manage risks arising from operations be noted.

 ...  view the full minutes text for item 4.

5.

Questions on matters relating to the work of the Board

Minutes:

There were no questions.

 ...  view the full minutes text for item 5.

6.

Any other business that the Chairman considers urgent

Minutes:

There was no other business.

 ...  view the full minutes text for item 6.

7.

Exclusion of the Public

MOTION – That under Section 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part 1 of Schedule 12A of the Local Government Act.

 

 

 

 ...  view the full agenda text for item 7.

Minutes:

RESOLVED – That under Section 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part 1 of Schedule 12A of the Local Government Act.

 

Item No.

Paragraph No.

 

 

8-23

3

 

 ...  view the full minutes text for item 7.

8.

Non Public Minutes

To approve the non-public minutes of the Property Investment Board meeting held on 17th January 2018.

 ...  view the full agenda text for item 8.

Minutes:

RESOLVED – That the non-public minutes of the meeting held on 17th January 2018 be approved.

 ...  view the full minutes text for item 8.

9.

City's Rental Estimates Monitoring Report

Report of The City Surveyor.

 ...  view the full agenda text for item 9.

Minutes:

The Board considered a report of the City Surveyor relative to the latest quarterly update of rental estimates for City’s Estate, Bridge House Estates, City Fund and the Strategic Estate as at 31st December 2017.  Members noted the current anticipated rental income over a five year period with that reported in the previous quarter.

 

RESOLVED:- That the report be noted.

 ...  view the full minutes text for item 9.

10.

Business Plan 3rd Quarter Progress

Report of The City Surveyor.

 ...  view the full agenda text for item 10.

Minutes:

The Board received a report of the City Surveyor detailing progress in Quarter 3 2017/18 against the 2017-2020 Business Plan; an update on the commercial property market and a financial statement. Additionally, the report also provided a brief description of some of the major on-going project activities.

 

RESOLVED: - That the contents of the report be noted.

 

 

 ...  view the full minutes text for item 10.

11.

City's Estate: 20-21 Aldermanbury - Future opportunities (Gateway 1-2)

Report of The City Surveyor.

 ...  view the full agenda text for item 11.

Minutes:

The Board received a Gateway 1 & 2 project proposal report in respect of City’s Estate: 20 & 21 Aldermanbury and noted that an updated position in respect of the gateway process would return to the Board where applicable as the Corporate Asset and Projects Sub-Committee were monitoring the project.

 

RESOLVED: - That the contents of the report be noted.

 ...  view the full minutes text for item 11.

12.

City's Estate: Letting report - 118 New Bond Street, Rent Review - Minor Amendment of Terms

Report of The City Surveyor.

 ...  view the full agenda text for item 12.

Minutes:

The Board considered an amendment to a City’s Estate: Letting Report for 118 New Bond Street, London W1 and rent review which was previously considered by the Board in December 2017 and inadvertently recommended an incorrect settlement figure.

 

RESOLVED: - That the report be approved.

 ...  view the full minutes text for item 12.

13.

City's Estate: Hamilton House, Victoria Embankment EC4 – Disposal of New 150 Year Lease

Report of The City Surveyor.

 ...  view the full agenda text for item 13.

Minutes:

The Board considered a report of the City Surveyor recommending the disposal of a new lease for Hamilton House, Victoria Embankment EC4 (City’s Estate).

 

RESOLVED:- That the report be approved.

 ...  view the full minutes text for item 13.

14.

City's Estate: Letting Report - New Letting at 59/62 South Molton Street

Report of The City Surveyor.

 ...  view the full agenda text for item 14.

Minutes:

The Board considered a report of the City Surveyor relative to the approval of a grant of a new lease at 59-62 South Molton Street (City’s Estate).

 

RESOLVED:- That the report be approved.

 ...  view the full minutes text for item 14.

15.

City's Estate: Issue Report related to potential enabling works at 123/124 New Bond Street

Report of The City Surveyor.

 ...  view the full agenda text for item 15.

Minutes:

The Board considered a report of the City Surveyor related to potential enabling works at 123/124 New Bond Street (City’s Estate).

 

RESOLVED:- That the report be approved.

 ...  view the full minutes text for item 15.

16.

City's Estate: Letting report - New Lease at 230 Tottenham Court Road

Report of The City Surveyor.

 ...  view the full agenda text for item 16.

Minutes:

The Board considered a report of the City Surveyor seeking approval of the grant of a new lease at 230 Tottenham Court Road, London W1T 7QQ.

 

RESOLVED:-  That the report be approved.

 ...  view the full minutes text for item 16.

17.

City's Estate: Letting report - New Lease at 57/61 Charterhouse Street

Report of The City Surveyor.

 ...  view the full agenda text for item 17.

Minutes:

The Board considered a report of the City Surveyor relative to the grant of a new lease at 57/61 Charterhouse Street, London EC1M 6HA.

 

RESOLVED: - That the report be approved.

 ...  view the full minutes text for item 17.

18.

City Fund Annual Strategy report

Report of The City Surveyor.

 ...  view the full agenda text for item 18.

Minutes:

The Board considered a report of the City Surveyor relative to the City Fund Annual Strategy and an update in respect of progress made over the last year following the review of the City Fund’s Property Investment Strategy reported to the property Investment Board in January 2016. The report also set out details of income return, arrears, voids and potential acquisitions and major refurbishments for the Fund in the future.

 

RESOLVED:- That the report be agreed.

 ...  view the full minutes text for item 18.

19.

City Fund (SPE): 4 - 14 Tabernacle Street - Gateway 7 Outcome Report

Report of The City Surveyor.

 ...  view the full agenda text for item 19.

Minutes:

The Board considered a Gateway 7 outcome report of the City Surveyor relative to City Fund (SPE): 4-14 Tabernacle Street. 

 

RESOLVED:- That the report be approved.

 ...  view the full minutes text for item 19.

20.

City Fund (SPE): Letting Report - New Letting at 43 Worship Street

Report of The City Surveyor.

 

To Follow

 ...  view the full agenda text for item 20.

Minutes:

The Board considered a report of the City Surveyor relative to the grant of new leases at 43 Worship Street, London EC2.

 

RESOLVED:- That the report be noted.

 ...  view the full minutes text for item 20.

21.

Bridge House Estates: Letting report - Rent Review at 1-5 London Wall Buildings

Report of The City Surveyor.

 ...  view the full agenda text for item 21.

Minutes:

The Board considered a report of the City Surveyor relative to a rent review at 1-5 London Wall Buildings (Bridge House Estates).

 

RESOLVED:- That the report be approved.

 ...  view the full minutes text for item 21.

22.

Non-Public questions on matters relating to the work of the Board

Minutes:

There were no questions.

 ...  view the full minutes text for item 22.

23.

Any other business that the Chairman considers urgent and which the Board agrees should be considered whilst the public are excluded

Minutes:

With the Chairman’s consent, a number of items of urgent business in respect of requests for delegated authority and updates to the Board were approved.

 

RESOLVED: - That two requests to progress property investment related matters in accordance with Standing Order 41(b) (delegated authority to the Town Clerk in consultation with the Chairman and Deputy Chairman of the Property Investment Board) be approved; and the updates noted.

 ...  view the full minutes text for item 23.

 


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