Issue - meetings

This report presents the Council's updated Property Strategy, developed in collaboration with stakeholders, which aims to optimise the social, economic, and environmental benefits of the Council's assets through a strategic, systematic, and data-led approach to decision-making.

Cabinet RESOLVED to

(1)        Note the contents of this report, the new vision, strategic objectives, and themes within the Property Strategy.

(2)    To adopt the Property Strategy as set out in Appendix 1 of the report.

(3)    To approve a capital budget allocation of £8.2 million over the next three fiscal years to fund necessary asset maintenance and building improvement projects regarding FM operational estate buildings, as set out in paragraphs 3.2.18 to 3.2.20 of the report.

Eligible for call-in: Yes

Deadline for submission of call-in: 6pm on Monday 16 September 2024

Councillor Mili Patel (Deputy Leader and Cabinet Member for Finance & Resources) introduced a report presenting the Council’s updated Property Strategy.

In presenting the report, Cabinet noted the aim within the Strategy to optimise the social, economic and environmental benefits of the Council’s assets recognising the Council’s property portfolio as a significant and tangible resource not only in terms of its financial impact but also in delivering wider socio-economic objectives and supporting the local community contributing to all strands within the Borough Plan.

Rather than treating all assets the same, members were advised that the Strategy had been designed to provide a more agile and adaptive approach, with each asset categorised under four themes – strategic hold; actively manage, invest, dispose and individual assets being assessed (using a data driven and evidence based approach) against their strengths, weaknesses, cost and benefits.  This approach would enable consideration on how best to balance each element to ensure the assets and portfolio overall were able to provide maximum impact and value to the both the community and Council and underperforming assets had the opportunity to be addressed and turned around.  As a further measure, members were advised how the Strategy had also been designed to ensure management of the portfolio was able to generate sufficient revenue to support the cost of maintenance and upgrade of assets in order to drive significant improvements in operational performance enabling properties to remain fit-for-purpose, secure and compliant in terms of health and safety, accessibility and energy performance.  This would include a more proactive approach towards rent setting, rental income collection as well as management and review of rents, leases and arrears with the strategy seeking to provide a framework for leveraging the Council’s assets to drive economic growth, financial and environmental sustainability as well as social value aligned with the delivery of wider community needs.

In welcoming and supporting the approach outlined within the strategy, members were keen to focus on the opportunities identified to maximise the potential of individual assets recognising the ongoing change in property market conditions and the wider economy which it was felt required a more agile and adaptive property strategy designed to respond to the dynamic nature of the property landscape.  In recognising the range of diverse uses within the current portfolio, members also highlighted the continued need identified within the strategy to ensure the approach towards asset management remained closely aligned with the Borough Plan and was able to continue delivering best value alongside a thriving and sustainable property portfolio that would support the needs of the local community and well as other stakeholder organisations.

Having thanked all those involved for their work in developing the strategy and recognising the extensive nature of stakeholder engagement, including  involvement of the Council’s scrutiny function, Cabinet RESOLVED to:

(1)        Note the contents of the report, the new vision, strategic objectives, and themes within the Property Strategy.

(2)    Adopt the Property Strategy as set out in Appendix 1 of the report.

(3)    Approve a capital budget  ...  view the full minutes text for item 7