Agenda and minutes

Property Investment Board - Wednesday, 16th November, 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 for Absence

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

Minutes:

Apologies for absence were received from Tom Sleigh (Deputy Chairman), Mark Boleat, David Brooks Wilson, Deputy Roger Chadwick, George Gillon, Deputy Brian Harris, Alderman Peter Hewitt, and Liz Peace.

 ...  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:

There were none.

 ...  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 19 October 2016.

 

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

Minutes:

RESOLVED – That the public minutes of the meeting held on 19 October 2016 be approved.

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

4.

Resolution from Finance Committee pdf icon PDF 126 KB

To receive a resolution from the Finance Committee.

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

Minutes:

The Board received a resolution from the Finance Committee regarding a proposed amendment to the Investment Committee’s Terms of Reference to allow the Corporate Asset Sub-Committee (CASC) to be responsible for the disposal of surplus operational properties which were not suitable for investment properties. In response to Members’ questions, they were advised that investment property advice and expertise would be available to CASC when considering disposals. The Chairman added that three Members of this Board were appointed to CASC each year and there was also plenty of other cross-over of Members between CASC, Property Investment Board and Finance Committee.

 

RESOLVED – That the request from Finance Committee that the Investment Committee consider an amendment to its Terms of Reference to allow CASC to be responsible for the disposal of surplus operational properties which are not suitable as investment properties, 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.

 

 

 

 

 

 

 

 ...  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 19 October 2016.

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

Minutes:

RESOLVED – That the non-public minutes of the meeting held on 19 October 2016 be approved.

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

9.

City Surveyor's Departmental Business Plan 2016-19 Period 2 Progress

Report of the City Surveyor.

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

Additional documents:

Minutes:

The Board received a report of the City Surveyor that provided updates regarding the progress made in Quarter 2 2016/17 against the 2016-19 Department Business Plan, the commercial property market, and a financial statement.

 

RESOLVED – That the report be noted.

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

10.

City Surveyor's Departmental Risk Register

Report of the City Surveyor.

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

Minutes:

The Board received a report of the City Surveyor that provided an update regarding the management of high level risks within the Department.

 

RESOLVED – That the report be noted.

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

11.

City's Rental Forecasts Monitoring Report

Report of the City Surveyor.

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

Minutes:

The Board received a report of the City Surveyor that provided an update regarding the latest quarterly rental forecasts for the investment property funds.

 

RESOLVED – That the report be noted.

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

12.

Lease Renewal - Suite P, East Poultry Avenue, Smithfield Market EC1

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor that sought approval to a lease renewal of Suite P, East Poultry Avenue EC1.

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

13.

Rent Review - Conduit Street & St George Street, W1

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor that sought approval to a rent review of a premises at the corner of Conduit and St George Street, W1.

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

14.

Rent Review - Brook Street, W1

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor that sought approval to a rent review of a whole building on Brook Street, W1.

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

15.

City Fund & City's Estate Highway Disposal - Fenchurch Street, Billiter Street & Leadenhall Street, EC3

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor that sought approval to the disposal of an area of freehold highway land at Fenchurch Street, Billiter Street and Leadenhall Street, EC3.

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

16.

Gateway 4 Issue Report: Refurbishment of 3rd Floor and Reception Area, Whitefriars Street EC4

Report of the City Surveyor.

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

Minutes:

The Board considered a report of the City Surveyor regarding a refurbishment project of the Third Floor and Reception Area of a building in Whitefriars Street, EC4.

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

17.

Museum of London Proposed Relocation - Works Update and Heads of Terms (TO FOLLOW)

Report of the City Surveyor.

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

Minutes:

The Board received a report of the City Surveyor that outlined the proposed Heads of Terms for the Museum of London relocation.

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

18.

Additional Staff to Investment Property Group (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 regarding some additional staff to the Investment Property Group.

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

19.

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

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

Minutes:

There was one question.

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

20.

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 20.

Minutes:

The Board considered one item of urgent business.

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