Issue - meetings

To receive and consider the Property Portfolio Performance report Quarter 4 2022/23.

RESOLVED – that the Partner, Shareholder and Trustee Executive Sub-Committee:

(i) Receive the Commercial Property Report as at 2022/23 Financial Year End.

Councillor A King, Executive Member for Commercial and Community Assets explained that the Annex to the report in Part 2 of the agenda comprised a report on the performance of the Council’s commercial portfolio of retail office and industrial assets as at the end of the last financial year.

The report covered twelve assets in the Council’s commercial portfolio that each generated £50,000 or more in annual rental income.

Between them, these assets accounted for over 80% of the income generated by the Council’s entire portfolio of commercial and non-commercial property in the 2022/23 financial year.

Included in the report was data on income generated against budget during the financial year, broken down by sector, as well as projected income streams over the next five-years, and comparisons against comparable market sectors in terms of yields and void rates.

In addition, the report considered current and near-future portfolio-specific opportunities and threats, as well as wider market or legislative issues that had implications for the Council’s portfolio.  

The Partner, Shareholder and Trustee Executive Sub-Committee was recommended to accept the report.

RESOLVED – that the Partner, Shareholder and Trustee Executive Sub-Committee:

(i) Receive the Commercial Property Report as at 2022/23 Financial Year End.