Decision details

Management of Commercial Assets

Decision Maker: Cabinet Member for Housing & Property

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Management of Commercial Assets

 

This report is to seek approval to award the management of specific Council operated commercial assets to an external management agent.

 

Decision:

The Cabinet member for Housing and Property is asked to approve the awarding of a contract to Banks Long & Co for a period of three years (with the option to extend by a further 2 years) in order to manage the Council’s commercial asset portfolio

Reasons for the decision:

These are set out in the report.

Alternative options considered:

Available Options Considered

 

The Council could continue to utilise in-house resources but it has been recognised that there is limited capacity and expertise to effectively manage such a varied commercial portfolio and there is an ongoing risk that the Council is not maximising the potential rental income and therefore not able to secure the maximum rental income.

 

Preferred Option

 

The preferred option is set out in the report.  There is currently limited capacity for the Council to manage the commercial portfolio and in some aspects of the necessary management, there is not the in-house expertise due to the specialist nature.  In addition, utilising an external organisation will enable the Council to gain access to a wider commercial market. 

Publication date: 10/06/2021

Date of decision: 08/06/2021

Effective from: 19/06/2021

Accompanying Documents: