Agenda and minutes

Apologies for absence were received from Deputy Phillip Woodhouse.

Dhruv Patel and Alistair Moss declared that they owned property in the area effected by the Fleet Street Business Partnership listed under item 7.

To approve the public minutes and non-public summary of the Property Investment Board meeting held on 12 June 2019.

RESOLVED – That the public minutes and non-public summary of the meeting held on 12 June 2019 be approved.

Report of the Town Clerk.

The Board received a report of the Town Clerk regarding actions arising from previous meetings.

Further to action 4/2019/P the City Surveyor confirmed that the City of London Corporation did not have any properties leased to the Arcadia Group.

A Member of the Board suggested that dates be added to the actions list to give Members an indication of the likely date of completion for each item.

RESOLVED- That the report be noted.

The Town Clerk to be heard.

The Town Clerk was heard in relation to the Co-option of Claudine Blamey to the Property Investment Board, which had been proposed Board by the at its meeting in June.

RESOLVED- That Claudine Blamey be co-opted onto the Property Investment Board.

Kevin McCauley from CBRE to be heard.

The Board received a presentation from Kevin McCauley, Head of London research at CBRE. The Presentation provided the Board with a summary of impact of economic and political factors on the London property market. Members thanked Mr McCauley for an information and helpful presentation. The Chair requested that the PowerPoint presentation provided by Mr McCauley be circulated to the Board for information.

The Board discussed the likelihood of a Labour government and the effect this could have on the London property market and the British economy. Members noted that the capital controls which a Labour government, under its current leadership, would likely introduce could have a detrimental effect on the London property market. 

A Member of the Board commented that in his position as the Chairman of the City of London Corporation’s Planning and Transportation Committee there had been a large number of building projects which had been approved but that many of these had not yet begun construction and questioned the reasons for this. Mr McCauley explained that a combination of uncertainty relating to Brexit, availability of the required space and the ability to de-risk projects by pre-letting were the combination of factors minimising the completion of construction projects in London.

Replying to query from a Member, Mr McCauley confirmed that the fluctuation in the value of Sterling did not have a direct correlation with the investment property market.

RESOLVED- That the presentation be noted.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Fleet Street Business Partnership. The report requested that the Property Investment Board contribute £20k per annum for a maximum of two years to become an active member of the newly established Fleet Street Business Partnership.

The Chair noted that it was important that the Fleet Street Business Partnership had the correct governance controls to be effective and noted that a new policy framework for the establishment of Business Improvement District’s (BID) would need to be agreed.

Members noted that it had been planned for the City of London Corporation to be involved in the creation of the Fleet Street Business Partnership, but not to continue to be the lead partner going forward.

RESOLVED- That the Board agreed in principle to fund a total contribution of £40k over the next two financial years (£20k for 2019/20 and £20k for 2020/21) from the City Surveyors local risk budget provided that officers, in consultation with the Chair and Deputy Chairman, are satisfied there are enough paying partners to make the partnership viable.

There were no questions.

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 12 June 2019.

RESOLVED – That the non-public minutes of the meeting held on 12 June be approved.

Report of the Town Clerk.

The Board received a report of the Town Clerk on the non-public actions of the previous meeting.

RESOLVED- That the report be noted.

The City Surveyor to be heard.

The City Surveyor was heard in relation to delegated authority decisions sought during the August recess.

RESOLVED- That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Quarterly Delegated Authorities Update from 1st April to 30^th June 2019 for the City Fund, City’s Estate & Bridge House Estates.

RESOLVED- That the report be noted.

Report of the City Surveyor.

The Board received a report of the City Surveyor on the Vacant Accommodation Update as at 1st June 2019 for the City’s Estate, Bridge House Estates and City Fund.

RESOLVED- That the report be noted.

Report of the City Surveyor.

To follow.

The City Surveyor tabled the MSCI Annual Performance statistics for the City’s Estate, Bridge House Estates and City Fund.

RESOLVED- That the MSCI Annual Performance statistics be noted.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Progress Report on the Revenue Works Programme for the City Fund, City’s Estate & Bridge House Estates.

RESOLVED- That the report be noted.

Report of the Chamberlain.

The Board received a report of the Chamberlain on the City Surveyor Revenue Outturn Report 2018-19.

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 considered a report of the City Surveyor on the Creechurch House and John Stow House Memorandum of Understanding.

RESOLVED- That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Letting Report on 1st Floor Office Premises at 55 Charterhouse Street, London.

RESOLVED-That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Grant of New Lease to Castle Fine Art on the Ground 57 & Basements 57/58 at South Molton Street.

RESOLVED- That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the South Molton Street Retail Collaboration with Grosvenor Estate.

RESOLVED- That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on a Letting Report for Building 3, 213 215 Tottenham Court Road & 12-14 Alfred Place grant of new lease and amendment of terms.

RESOLVED- That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Renewal of the leases for 3rd and 4th Floors at 9 Bonhill Street, London.

RESOLVED- That the report be noted.

Report of the City Surveyor.

The Board received a report of City Surveyor on the grant of a new lease of the second floor at 21-26 Garlick Hill.

RESOLVED- That the report be agreed.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the grant of a new lease of the third floor at 21-26 Garlick Hill.

RESOLVED- That the report be agreed.

Report of the City Surveyor.

The Board received a report of the City Surveyor on Engagement Day with Leadenhall Market Tenants.

RESOLVED- That the report be noted.

Report of the City Surveyor.

The Board received a report of the City Surveyor on the Fleet Street Estate Vacant Possession Barclays Cost Agreement and New Letting of 2-3 Salisbury Court.

RESOLVED- That the report be noted

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Gateway 2 Project Proposal for 30-34 New Bridge Street.

RESOLVED- That the report be agreed.

There were no questions.

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