Agenda item

RECEIVED the presentation from Strategic Property Services.

NOTED

1.    Adrian Smallwood (Head of Strategic Property Services) highlighted the high number (around 1200 assets) of operational and investment properties in the Council’s property portfolio. Approximately 30% of the borough was owned ultimately by the Council. The attached map showed the current position.

2.    Direction was provided by the Strategic Asset Management plan. The top priorities were set out on the presentation.

3.    Justin Caslake (Head of Property Asset Management) highlighted performance in investment yields.

4.    In response to Members’ queries, it was confirmed that the Council charged market rent for all assets, as set out in the strategy, and that the levels varied from location to location. The measurement of investment strength was clarified. Officers would continue to maximise opportunities across the portfolio, review that properties were fit for purpose, and seek to generate revenue. The target was for a 5% p.a. increase in returns.

5.    In response to queries about greenbelt land, it was advised that the £800m of capital value was a maximum estimated value if there was a change in planning status of land to permit it to be unlocked, in line with sites currently allocated within the Local Plan. The site list had been agreed by the previous Finance and Procurement portfolio holder. There was not a predetermination for selling greenbelt land. The assumptions were not part of the current budgetary process or medium term financial plan. The Local Plan would be just the first step and there would be many steps that would need to be gone through to cash in on any value.

6.    Members queried data set out in the Investment Estate Benchmarking table. It was likely the table had been recycled from a previous presentation. It provided a guideline of how local authorities performed and to show the relative performance of Enfield, though it may not be like-for-like comparison.

7.    Officers confirmed that a number of leases were known to be expired and there was work taking place to move to all being regularised and brought up to date. The data was being assembled. Officers agreed that written clarification would be provided to Cllr Georgiou as requested.

ACTION:  Adrian Smallwood

8.    In response to Members’ queries regarding revitalising industrial estates, it was advised that a joint venture was being led from the Director of Development. Only day-to-day management of Claverings was under the Director of Development as the other estates were on long leases.

9.    Fay Hammond responded to a query in respect of business rates. The way the rateable value was calculated was based on the rental value. She would be able to share information on business rateable value by type of business, and that an appropriate colleague would be able to attend a future meeting of the Panel to answer Members’ questions.

ACTION:  Fay Hammond

10. In response to Members’ queries regarding processes between the Council’s departments, it was confirmed that the local authority was treated as any other applicant into the process. In respect of officer satisfaction that all potential sites has been reviewed, officers would provide that information to Cllr Georgiou.

ACTION:  Adrian Smallwood