Decision Maker: Cabinet Member for Housing & Property
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
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.
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
These are set out in the report.
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.
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