Agenda and minutes

Apologies for absence were received from David Brooks Wilson and Dhruv Patel. 

Edward Lord and Alderman Alison Gowman declared that there were Trustee’s for the Trust for London which was listed as a incumbent tenant at 4 Chiswell Street.

To approve the public minutes and non-public summary of the Property Investment Board meeting held on 8May 2019.

RESOLVED – That the public minutes and non-public summary of the meeting held on 8^th of May be approved.

Report of the Town Clerk.

The Board considered a report of the Town Clerk on the Terms of Reference for the Property Investment Board, the appointments to other Committees, proposed work programme and dates of Board meetings for the 2019/20.

The Chair highlighted that the frequency of the proposed dates of the Board for the year 2020, listed at Appendix B, would be assessed for suitability dependent on the effect the changes to the scheme of delegations have on the number of reports requiring the Board’s consideration.

The Chair raised the proposed co-option to the Board of Alistair Moss, previous Deputy Chair of the Property Investment Board. Replying to a query from the Chair the Town Clerk informed Members of the procedure for the Board agreeing the co-option of the Member. It was noted by a Member that there was precedent for the Property Investment Board to agree the co-option of Members of the Court of Common Council deemed appropriate by the Board and moved that Members agreed the co-option of Alistair Moss. Following this Members agreed co-opt Alistair Moss to the Property Investment Board for a period of twelve months.

The Chair highlighted to the Board the Curriculum Vitae of Claudine Blamey whom it was suggested would be suitable choice to co-opt to the Property Investment Board as a result of her considerable experience of issues relating to sustainability in large organisations. A Member of the Board highlighted that in his work at the Crown Estates he had experience of working with Claudine Blamey during which he felt she displayed a commercial, proactive and practical approach to sustainability. Members discussed the need for the City of London Corporation to consider a corporate policy on the appointment of co-option of members outside of the Court, which would provide the appropriate level of transparency and governance.

Joint report of the City Surveyor and the Director of the Built Environment. 

The Board received a joint report of the City Surveyor and the Director of the Built Environment regarding the City of London Corporation’s attendance at MIPIM 2020.

The Chair commented on the continued importance of the City of London’s Corporation presence at MIPM and suggested that the Board commit to supporting the attendance at the 2020 conference. It was commented by a Member of the Board that, while they supported the City’s attendance at the conference, there should be a more formalised process for tracking the successful outcomes from the event and suggested that an outcome report be produced to measure these outcomes. A Member replied that in their experience attending the event as the Chairman of the Planning and Transport Committee that officers present at the conference extensively documented the outcomes of meetings held at the conference.

Replying to a query from a Member of the Board the City Surveyor confirmed that the savings from last year’s budget were achieved by reductions in hotel and travel costs.

RESOLVED- That: -

1. The report be noted; and
2. That the Property Investment Board agreed approve that the City of London Corporation should attend MIPIM 2020 and contribute £21,750 toward with the total budget of £94,000.

Report of the City Surveyor.

The Board received a report of the City Surveyor which provided details of progress in Quarter 4 2018/19 against the 2018-21 Business Plan, an update on the commercial property market, and a financial statement. The City Surveyor introduced the report and provided Members with a summary of the lessons learnt.

Replying to the query from a Member of the Board the City Surveyor confirmed that the Morgan Stanley Capital International (MSCI) figures would be available in July.

A Member highlighted their concern on cost saving exercises should not adversely affect the income generation of departments concerned.

RESOLVED- That the report be noted.

Report of the City Surveyor.

The Board received a report of the City Surveyor regarding the Department’s  Risk Register Update. The report provided Members with a quarterly update on the management of risks within the City Surveyor’s Department.

A Member questioned designation of the risk listed as SUR SMT 001 which related to unexpected change or unknown impact of macroeconomic policy, commenting on the lack of control the department have on larger macroeconomic policy such as interest rate changes. The City Surveyor noted this and confirmed that the target for this risk in future reports to the Board will be to limit ‘impact’ rather than ‘likelihood’.

RESOLVED- That the report be noted.

A Member of the Board questioned if the City of London Corporation had any properties leased to the Arcadia Group Ltd. The City Surveyor explained that they were not aware of any properties leased to the Arcadia Group Ltd and that this would be confirmed to Members.

There was no other business.

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.

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.

To approve the non-public minutes of the Property Investment Board meeting held on 8 May 2019.

The Board considered the non-public minutes of the meeting of the Property Investment Board held on 8 May 2019.

RESOLVED – That the non-public minutes of the meeting held on 8 May 2019, subject to the correction detailed, be approved.

Report of the City Surveyor.

The Board received a report of the City Surveyor on the Arrears of Rent as at March 2019 in the City Fund, City Estate and Bridge House Estates property funds.

RESOLVED- That the report be noted.

Joint report of the City Surveyor and Chamberlain.

The Board received a joint report of the Chamberlain and City Surveyor on the Strategic Asset Allocation Review.

RESOLVED- That the report be noted.

Report of the Town Clerk.

The Board received a report of the Town Clerk on the action taken between meetings of the board in accordance with Standing Order Nos. 41(b).

RESOLVED-That the report be noted.

Report of the City Surveyor.

The Board received a report of the City Surveyor on the Closure of the Project at Creechurch House, 17 Bevis Marks, 37-45 Creechurch Lane and 28–30 Houndsditch.

RESOLVED- That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on a Rent Review at 39-41 North Road, ground to first floor.

RESOLVED-That the report be agreed

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the future use and building opportunities at 20/21 Aldermanbury.

RESOLVED-That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the variations of the headlease at 25 Cannon Street.

RESOLVED-That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Phase 6 Cyclical External Repairs and Redecorations for Leadenhall Market.

RESOLVED-That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Disposal of New 150 Year Lease Colechurch House within the Bridge House Estates Fund.

RESOLVED-That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the proposed freehold purchase of 4 Chiswell Street.

RESOLVED- That the report be agreed

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the surrender of lease at 30-34 New Bridge Street within the Bridge House Estates fund.

RESOLVED-That the report be agreed.

The Board received one question in the non-public session.

The Board considered three items of non-public business.

To agree the confidential minutes of the last meeting of the Property Investment Board held on 8 May 2019.

The Board considered the confidential minutes of the meeting held on 8^th of May 2019.

RESOLVED- That the confidential minutes of the meeting held on 8th of May 2019 be agreed as an accurate record.