Agenda and minutes

Property Investment Board - Wednesday, 10th February, 2016 1.45 pm

Venue: Committee Room 1 - 2nd Floor West Wing, Guildhall. View directions

Contact: David Arnold
tel. no.: 020 7332 1174  Email: david.arnold@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

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

Minutes:

Apologies for absence were received from Tom Sleigh (Deputy Chairman), Keith Bottomley, Deputy Brian Harris, and Dhruv Patel.

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

2.

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

 

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

Minutes:

Tony Joyce declared a non-pecuniary interest in any matters relating to the letting of the Third Floor of 21 Whitefriars Street, EC4.

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

3.

Minutes pdf icon PDF 131 KB

To approve the public minutes and summary of the Property Investment Board meeting held on 13 January 2016.

 

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

Minutes:

RESOLVED – That the public minutes and summary of the Board meeting held on 13 January 2016 be approved, subject to the addition of Chris Boden’s apologies for absence.

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

4.

Housing and Planning Bill pdf icon PDF 94 KB

Report of the Remembrancer.

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

Minutes:

The Board received a report of the Remembrancer that advised Members of provisions included in the Housing and Planning Bill currently before Parliament. The provisions were intended principally to encourage land held in the public sector to be made available for housing development.

 

Members noted that any surplus City Fund land suitable for housing would be looked into and that the Board would be kept updated of any developments, particularly where investment properties were concerned.

 

RESOLVED – That the report be noted.

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

5.

Questions on matters relating to the work of the Board

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

Minutes:

There were none.

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

6.

Any other business that the Chairman considers urgent

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

Minutes:

There was none.

 ...  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

9 – 20

23

1, 2, 3 & 5

3

1 & 4

 

 

 

 

 ...  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 13 January 2016.

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

Minutes:

RESOLVED – That the non-public minutes of the Board meeting held on 13 January 2016 be approved.

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

9.

Museum of London: Funding for Updated Business Case for Museum's Occupation of Smithfield General Market Site.

Report of the Chamberlain.

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

Minutes:

The Board received a report of the City Surveyor regarding funding for an updated business Case for the Museum of London's occupation of the Smithfield General Market Site.

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

10.

City Surveyor's Departmental Business Plan Quarter 3 Progress Update

Report of the City Surveyor.

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

Additional documents:

Minutes:

The Board received a report of the City Surveyor that provided Members with details of the progress made in Quarter 3 against the City Surveyor’s Departmental Business Plan 2015-18 and the key risk areas associated with the delivery of that plan.

 

RESOLVED – That the report be noted.

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

11.

City Surveyor's Departmental Risk Update

Report of the City Surveyor.

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

Additional documents:

Minutes:

The Board received a report of the City Surveyor that provided Members with an update regarding the management risks within the City Surveyor’s Department.

 

RESOLVED – That the actions taken within the City Surveyor’s Department to effectively monitor and manage risks arising from the City Surveyor’s Department’s operations be noted.

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

12.

City's Rental Forecasts Monitoring Report

Report of the City Surveyor.

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

Minutes:

The Board received a report of the City Surveyor that provided the quarterly update of rental forecasts for City’s Estate, Bridge House Estates, City Fund, and the Strategic Estate, as at 31 December 2015.

 

RESOLVED – That the report be noted.

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

13.

Vacant Accommodation Update as at 1 December 2015

Report of the City Surveyor.

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

Additional documents:

Minutes:

The Board received a report of the City Surveyor that provided a summary of the commercial property portfolio vacancy position as at 1 December 2015.

 

RESOLVED – That the report be noted.

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

14.

Metrics Used in Making Major Property Decisions

Joint report of the City Surveyor and the Chamberlain.

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

Minutes:

The Board received a joint report of the City Surveyor and the Chamberlain that provided Members with a background to the appraisal metrics used in City Corporation property reports.

 

RESOLVED – That the report be noted.

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

15.

Letting Report - Finsbury House, EC2

Report of the City Surveyor.

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

Minutes:

The Board consider a report of the City Surveyor that sought approval to a letting of offices and storage accommodation in Finsbury House, EC2.

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

16.

Land Swap and Grant of Long lease to facilitate development -Leadenhall Triangle, EC3

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor that sought approval to enter into an Option Agreement for the Leadenhall Triangle Site.

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

17.

Gateway 3/4 Options Appraisal - Refurbishment of 3rd Floor and Reception Area, Whitefriars Street, EC4

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor that sought approval to an option for the refurbishment of a 3rd Floor and Reception Area in Whitefriars Street, EC4.

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

18.

Letting Report - Grant of a New Lease, New Bond Street W1 (TO FOLLOW)

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor that sought approval to the grant of a new lease in New Bond Street, W1.

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

19.

Letting Report - Rent Review, Baynard House EC4 (TO FOLLOW)

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor that provided details of a rent review in respect of Baynard House, 135 Queen Victoria Street, EC4.

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

20.

Issue Report - 4-14 Tabernacle Street, EC2

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor that sought approval to an increase to a contract works budget.

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

21.

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

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

Minutes:

There were none.

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

22.

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

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

Minutes:

The Board considered one item of urgent business.

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

23.

Restructuring of the Facilities Management Teams

Report of the City Surveyor.

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

Minutes:

The Board received a report of the City Surveyor regarding the restructuring of the Facilities Management Team.

 

RESOLVED – That the restructuring proposals be noted.

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