Agenda and minutes

Venue: Committee Rooms, 2nd Floor, West Wing, Guildhall

Contact: Richard Holt  Email: Richard.Holt@cityoflondon.gov.uk

Items
No. Item

1.

Apologies for Absence

Minutes:

Apologies for absence were received from the Deputy Chairman Deputy Alastair Moss, Christopher Hayward, Andrien Meyers and Dhruv Patel.

 

The Chair noted that Sir Mark Boleat had retired from the Court of Common Council and thanked him for his work on the Property Investment Board.

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

2.

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

Minutes:

There were no declarations.

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

3.

Minutes pdf icon PDF 56 KB

To approve the public minutes and non-public summary of the Property Investment Board meeting held on 20 February 2019.

 

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

Minutes:

RESOLVED – That the public minutes and non-public summary of the meeting held on 20 February 2019 be approved.

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

4.

CSD New Business plan 2019-24 pdf icon PDF 69 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 on the City Surveyor’s Department’s final high-level business plan for 2019-24.

 

A Member of the Board suggested that the staffing objectives and succession planning be added to the business plan to provide Members with information on these matters. A Member raised that the City Surveyor’s business plan did not appear to be in the same format as other department’s business plans and questioned why this was the case. The City Surveyor replied that they believed that the business plan had been produced in the standard template but would confirm this.

 

It was raised that the Key Performance Indicator 2 in the Core Indictors section on Corporate Energy Consumption should be measured in efficiency rather than consumption. The City Surveyor confirmed that this would be adjusted in future departmental business plans.

 

RESOLVED- That the City Surveyor’s Department’s final high-level business plan for 2019-24 be approved.

 

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

5.

Business Progress Report 2018-23 - Quarter 3 2018/19 pdf icon PDF 77 KB

Report of the City Surveyor.

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

Additional documents:

Minutes:

The Board received a report of the City Surveyor on details of progress in quarter three (October – December) 2018/19 against the 2018-23 Business Plan, with an update on the commercial property market, and a financial statement.

 

The Chair requested further detail on the three amber cases listed within the report. The City Surveyor informed Members that that the three amber cases included two strategic asset plans which, while challenging, were improving. In addition, it was noted that the third amber case relating on the Service Based Review (SBR) savings were subject to a deep dive exercise from audit, but it was highlighted that the City Surveyor cannot make savings in other departments. Further to the SBR the City Surveyor clarified that the contract was relatively complex as some operational sites had internal security providers whereas other sites did not. 

 

It was observed by a Member that the market commentary provided a positive outlook for the City Surveyor’s Department and noted that savings on staffing costs should not be pursued at the expense of portfolio performance highlighting that the quality of staff was central to the positive performance of the property portfolio. The Chair agreed with this observation.

 

RESOLVED- That the report be noted.  

 

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

6.

CSD Departmental Risk Register - 3rd Quarter Progress pdf icon PDF 62 KB

Report of the City Surveyor.

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

Additional documents:

Minutes:

The Board received a report of the City Surveyor on the City Surveyor’s Departmental Risk Register. The City Surveyor informed the Board that the risks listed within the report would be subject to the review at the July meeting of the Audit and Risk Management Committee. The Chair highlighted that the City Surveyor’s department retained responsibility for risks which were not directly within the Department’s control.

 

A Member questioned the use of the term ‘likelihood’ in the Risk Register and asked for clarification on when these risks were likely to reduce. The Chair noted that these risks were largely subject to market forces and therefore not fully within the power of the City of London Corporation. The City Surveyor clarified that designation of the level of risk listed within the report were somewhat based off a subjective analysis but that further feedback would be provided to Members outside of the meeting.

 

RESOLVED- That the report be noted. 

 

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

7.

Questions on matters relating to the work of the Board

Minutes:

There were two questions considered in the public session.

 

A Member raised that the date of Investment Committee meeting would need to be changed to meet after the Policy and Resources Committee as the second Committee appointed nine Members to the first. The Chair thanked the Member for this point and confirmed that they would work with the Town Clerk to resolve the issue.

 

It was noted by a Member of the Board that no further progress had been confirmed on the sustainable building policy proposed at the last meeting of the Property Investment Board and requested an update be provided. The City Surveyor confirmed that work had been taking place on the proposed policy but that he was not in a position to confirm the exact details of the policy at this time.

 

 

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

8.

Any other business that the Chairman considers urgent

Minutes:

There was no other business.

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

9.

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 9.

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.

10-16

3

 

 

 

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

10.

Non Public Minutes

To approve the non-public minutes of the Property Investment Board meeting held on 20 February 2019.

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

Minutes:

RESOLVED – That the non-public minutes of the meeting held on 20 February 2019 be approved.

 

 

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

11.

DELEGATIONS SOUGHT DURING APRIL - ASSET MANAGEMENT & DEVELOPMENT - THE CITY SURVEYOR TO BE HEARD.

The City Surveyor to be heard.

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

Minutes:

Members considered a report of the City Surveyor.

 

RESOLVED- that the report be agreed.

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

12.

Bridge House Estates: 185 Tower Bridge Road, SE1 – Freehold Disposal

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor on the proposed Freehold Disposal of 185 Tower Bridge Road. 

 

RESOLVED- that the report be deferred.

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

13.

Bridge House Estates : Electra House, Heads of Terms for Lease Surrender

Report of the City Surveyor.

 

To follow

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

Minutes:

The Board considered a report of the City Surveyor regarding a proposed Lease Surrender for Electra House.

 

RESOLVED- that the report be agreed.

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

14.

Bridge House Estates : Gateway 4c Detailed Design : Candlewick House, 116-126 Cannon Street, London, EC4

Report of the City Surveyor.

 

To follow

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

Minutes:

The Board considered a report of the City Surveyor on the gateway 4c detailed design for Candlewick House.

 

RESOLVED- that the report be agreed.

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

15.

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

Minutes:

There were no questions.

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

16.

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

Minutes:

The Board received one item of business in the non-public session.

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