Agenda and minutes

Apologies for absence were received from Tijs Broeke and Alistair Moss.

The Deputy Chairman Andrien Meyers made a declaration that he had been appointed to Resonance Property Fund Managers.  

To approve the public minutes and non-public summary of the Property Investment Board meeting held on 11^th of November 2020.

The Board considered the public minutes and non-public summary of the Property Investment Board on the 11^th November 2020.

RESOLVED – That the public minutes and non-public summary of the meeting held on 11^th of November be approved as a accurate record.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Proposed Removal of the Elevated Footway at Colechurch House. The City Surveyor introduced the report highlighting the obligation to commence the statutory consultation on the removal of the walkway. Responding to a query from a Member the City Surveyor explained that Member approval was required to begin the statutory consultation.

A member of the Board questioned if the removal of the walkway would have any material effect on the value of the building or the future rental projection. The City Surveyor clarified that there was no material effect to the value of the building and that the developer had an established alterative option if planning permission is not achieved.

Members raised the possibility of a study by the developer on the loss of the walkway to the value of the building. However, the Comptroller and City Solicitor explained that, contractually, the agreement did not allow the City of London Corporation freedom to vary its terms to accommodate the outcome of the statutory consultation. A Member commented that the agreement would not cost the City of London Corporation money and, therefore, it should be agreed to not delay the project.

RESOLVED- That: -

1. Authority be delegated to the City Surveyor to carry out the statutory consultation in accordance with section 32(3A) of the City of London (Various Powers) Act 1963 (as amended) with Network Rail, Transport for London and the London Borough of Southwark with regards to the proposed demolition of the elevated footway at Colechurch House; and
2. That authority be delegated to the City Surveyor in consultation with the Chairs of the Planning and Transportation Committee and Property Investment Board to review the responses to the consultation subject to reporting back to Committee in the event of any

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Draft City Surveyor’s Business Plan for 2021/22. The City Surveyor highlighted the aim of the Plan and noted that the Target Operation Model (TOM) had not been incorporated as its effects had not been fully established.

The Board discussed the Climate Action Strategy noting the importance of resource allocation, organisation into deliverable targets and governance to the successful realisation of the Strategy’s aspirations. The City Surveyor explained that the Department was actively planning the implementation of the Strategy and that it had been allocated funds within the £68M budget. A Member commented that a report updating the Board on the Climate Action policy should be produced for the next meeting.

A Board member raised the subject of staff wellbeing for the City Surveyor’s Department with the projected return of staff to the Guildhall. The Chair of the Establishment Committee explained that the return of staff to the Guildhall was a key topic of discussion for the Committee which would be explored fully with the City of London Corporation’s Human Resources Director.

Responding to a Member’s query on the possibility of the City of London Corporation managing serviced offices directly the City Surveyor explained that this would be a challenging undertaking and that an update on this would be provided to the next Board meeting.

It was confirmed, in response to Board member’s query, that the Digital Services Sub-Committee would be the appropriate venue for consideration of digital infrastructure.

 RESOLVED- That: -

1. The factors taken into consideration in compiling the City Surveyor’s Business Plan be noted; and
2. That subject to the incorporation of any changes sought by both Property Investment Board and Corporate Asset Sub (Finance) Committee, the departmental Business Plan for the City Surveyor’s Department for 2021/22 (or

The Town Clerk to be heard.

The Board received a presentation of the Town Clerk on the Culture Mile. The Culture Mile Manager highlighted, within the presentation, the impact that a vibrate cultural sector can have on the local property prices.

A member of the Board commented that it was critical to encourage workers to return to the office working patterns.

Responding to query from the Member it was confirmed that the Property Investment Board would be invited to a Lord Mayor led event on creativity to be held in January 2021.

The Culture Mile Manager, answering a Member’s question, outlined the funding structure for the Culture Mile.

RESOLVED- That the update be noted.

Report of the City Surveyor.

The Board received a report of the City Surveyor on the Draft City Surveyor’s Business Plan for 2021/22. The City Surveyor highlighted that the 2020/21 Business Plan was previous approved in December 2019 but clearly in that time there has been significant change in the external environment which has been reflected in different areas of focus for the City Surveyor’s Department.

RESOLVED- That the report be noted.

Report of the City Surveyor.

To be read in conjunction with a non-public appendix at item 16.

The Board received a report of the City Surveyor on the City Surveyor’s Departmental Risk Register Update. The City Surveyor highlighted the continuing reporting of COVID risks noting current situation did not justify any changes in the scoring.

Responding to a query from a Board member the City Surveyor explained, with relation to the risk on backlog maintenance, that the focus was on health and safety with decorative elements being deprioritised.

RESOLVED- That the report be noted.

Following a suggestion from a Member the Board agreed that reports considered under urgency, which also required the approval of other committees, would be circulated to Board members to allow further scrutiny.

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 11^th of November 2020.

The Board considered the non-public minutes of the Property Investment Board meeting held on the 11th of November 2020.

RESOLVED– That the non-public minutes of the Property Investment Board meeting held on the 11th of September be approved as accurate record.

Joint report of the City Surveyor and Chamberlain.

The Board considered a joint report of the City Surveyor and Chamberlain on the City Surveyor’s Revenue Budgets Latest Approved 2020/21 and Original Estimates 2021/22.

RESOLVED- That the report be approved.

Report of the Town Clerk.

The Board considered a report of the Town Clerk which advised Members on actions taken under in accordance with Standing Order Nos. 41(a) and (b) since the last meeting of the Board.

RESOLVED- That the report be noted.

Report of the City Surveyor.

The Board received a report of the City Surveyor which informed the Board of the position regarding tenant arrears as at 28th September 2020 (quarter day minus 1).

RESOLVED- That the report be noted.

Non-public appendix for item 8.

The Board noted a non-public appendix to be received in the conjunction with item 8.

RESOLVED- That the report be noted.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the City’s Estate’s Annual Update & 2021 Strategy.

RESOLVED- That the report be approved.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Initial Development Study Update for Creechurch House and John Stow House in the City’s Estate Investment Property Portfolio.

RESOLVED- That the report be approved.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the Strategy for 25 & 26/27 Store Street in the City’s Estate Investment Property Portfolio.

RESOLVED- That the report be approved.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the development site Memorandum of Understanding for Calcutta House and 133 Whitechapel High Street within the City Fund Investment Property Portfolio.

RESOLVED- That the report be noted.

Report of the City Surveyor.

The City Surveyor provided a report and presentation on the 2021Strategy for the Bridge House Estates Investment Property Portfolio.

RESOLVED- That the report be approved.

There were no questions.

There were three items of business considred in the non-public session.