PROPERTY INVESTMENT BOARD
Friday, 16 July 2021
Minutes of the informal meeting of the Property Investment Board held at
remotely on Friday, 16 July 2021 at 11.00 am
Present
Members:
Deputy Andrien Meyers (Chair)
Shravan Joshi (Deputy Chairman)
Alderman Alison Gowman
Sheriff Christopher Hayward
Michael Hudson
David Brooks Wilson
David Shaw OBE
Officers:
Richard Holt
- Town Clerk’s Department
Nathan Rodgers
- Town Clerk’s Department
John James
- Chamberlain's Department
Harinder Thandi
- Chamberlain’s Department
Alan Bennetts
- Comptroller & City Solicitor's Department
Nicholas Gill
- City Surveyor's Department
Brian Brierley
- City Surveyor's Department
Andrew Cross
- City Surveyor's Department
Tom Leathart
- City Surveyor's Department
Jonathan Cooper
- City Surveyor's Department
James Murray
- City Surveyor's Department
1. APOLOGIES FOR ABSENCE
Introductions
The Town Clerk highlighted that the meeting was being recorded as well as live
streamed and would be made available on the City Corporation’s YouTube
page for a period of time after the meeting had concluded. It was confirmed that
participants in the meeting had all individually agreed and given their consent to
being recorded and that all personal data would be processed in accordance
with the Data Protection Act 2018. The Town Clerk highlighted that, for further
information on this, viewers could contact the City Corporation using the details
provided on the public webpages.
The Town Clerk also reminded Members, and any members of the public
observing the meeting on-line, that this was an informal meeting and that any
views reached by the Committee today would therefore have to be considered
by the Investment Property Director after the meeting in accordance with the
Court of Common Council’s COVID Approval Procedure and that they would
make a formal decision having considered all relevant matters. The Town Clerk
highlighted that this process reflected the current position in respect of the
holding of formal Local Authority meetings and the Court of Common Council’s
decision of 15
th
April 2021 to continue with virtual meetings and take formal
decisions through a delegation to the Town Clerk and other officers nominated
by him after the informal meeting has taken place and the will of the Committee
was known in open session. Details of all decisions taken under the COVID
Approval Procedure would be available online via the City Corporation’s
webpages.
Apologies for absence were received from Deputy Phillip Woodhouse, Dhruv
Patel, Deputy Robert Merrett and Stuart Corbyn.
2. MEMBERS' DECLARATIONS UNDER THE CODE OF CONDUCT IN
RESPECT OF ITEMS ON THE AGENDA
There were no declarations.
3. MINUTES
The Board considered the public minutes and non-public summary of the
informal meeting of the Property Investment Board meeting held on the 26
th
of
May 2021.
RESOLVED – That the public minutes and non-public summary of the informal
meeting of the Property Investment Board meeting held on the 26th of May
2021 be approved as an accurate record.
4. CITY SURVEYOR'S DEPARTMENTAL RISK REGISTER -UPDATE
The Board received a report of the City Surveyor on the City Surveyor’s
Departmental Risk Register update.
In response to a Board member’s query the Director of Open Spaces explained
that the risks outlined in the report were identified by officers in the City
Surveyor’s Department.
RESOLVED- That the report be noted.
5. BUSINESS PLAN 2020-25 QUARTER 4 2020/21
The Board received a report of the City Surveyor on the Business Plan 2020-25
Quarter 4 2020/21.
The Chair questioned when the Officers would have appropriate figures for
establishing what constituted good performance for Investment Property Group
in the current context. The City Surveyor explained that two of the performance
measures were to be brought into the RAG system as a matter of urgency
noting the difficulty of the current context of the investment property sector
particularly the Government’s decision to prohibit commercial tenants from
eviction. However, it was added that the City of London Corporation continued
to monitor the performance of its investment property portfolio against per
groups.
RESOLVED- That the report be noted.
6. QUESTIONS ON MATTERS RELATING TO THE WORK OF THE BOARD
There were no questions.
7. ANY OTHER BUSINESS THAT THE CHAIR CONSIDERS URGENT
There was no other business.
8. EXCLUSION OF THE PUBLIC
RESOLVED – That under Section 100A(4) of the Local Government Act 1972,
the public be excluded from the meeting for the following items on the grounds
that they involve the likely disclosure of exempt information as defined in Part 1
of Schedule 12A of the Local Government Act.
Item No.
Paragraph No.
9
25
9. NON-PUBLIC MINUTES
The Board considered the non-public minutes of the informal meeting of the
Property Investment Board meeting held on the 26
th
of May 2021.
RESOLVED – That the non-public minutes of the informal meeting of the
Property Investment Board meeting held on the 26th of May 2021 be approved
as an accurate record.
10. CITY FUND, CITY'S ESTATE AND BRIDGE HOUSE ESTATES - SCHEME
OF DELEGATIONS AND GATEWAYS
The Board considered a report of the City Surveyor on the Scheme of
Delegations and Gateways.
RESOLVED- That the report be approved.
11. CITY'S ESTATE, BRIDGE HOUSE ESTATES AND CITY FUND: VACANT
ACCOMMODATION UPDATE AS AT 1ST JUNE 2021
The Board received a report of the City Surveyor on the Vacant
Accommodation Update as at 1
st
June 2021 for the City Estate, Bridge House
Estates and City Fund.
RESOLVED- That the report be noted.
12. CITY FUND, CITY'S ESTATE & BRIDGE HOUSE ESTATES - QUARTERLY
DELEGATED AUTHORITIES UPDATE - 1ST APRIL 2021 TO 30TH JUNE
2021
The Board received a report of the City Surveyor on the Quarterly Delegated
Authorities Update 1
st
April 2021 to 30
th
June 2021 for City Fund, City’s Estate
and Bridge House Estates.
RESOLVED- That the report be noted.
13. CITY SURVEYOR REVENUE OUTTURN 2020-21
The Board received a report of the City Surveyor on the City Surveyor Revenue
Outturn 2020-21.
RESOLVED- That the report be noted.
14. COMMERCIAL RENT - LEGAL ENFORCEMENT OPTIONS
The Board received a report of the City Surveyor on the Commercial rent legal
enforcement options.
RESOLVED- That the report be noted
15. MSCI ANNUAL PERFORMANCE REPORT
The Board received a report of the City Surveyor on the MSCI Annual
Performance report.
RESOLVED- That the report be noted.
16. CITY FUND, CITY'S ESTATE & BRIDGE HOUSE ESTATES - INVESTMENT
PROPERTY 6 MONTHLY REVENUE REPORT AND PROJECT UPDATE
The Board received a report of the City Surveyor on the City’s Estate, Bridge
House Estates and City Fund, Performance Monitoring of Property Investment
Portfolios to 31st March 2021.
RESOLVED- That the report be noted.
17. REPORT OF ACTION TAKEN BETWEEN MEETINGS
The Board received a report of the Town Clerk on the action taken between
Board meetings.
RESOLVED- That the report be noted.
18. ARREARS WRITE OFF - CITY'S ESTATE AND CITY FUND
The Board considered a joint report of the Comptroller and City Solicitor and
Chamberlain on the Arrears Write off for the City’s Estate and City Fund.
RESOLVED- That the report be approved.
19. CITY'S ESTATE - 140 NEW BOND STREET (ALAN STUART LIMITED) -
AMENDMENT OF TERMS TO PROVIDE RENT FREE PERIOD.
The Board considered a report of the City Surveyor on the 140 New Bond
Street (Alan Stuart Limited) Amendment of Terms.
RESOLVED- That the report be approved.
20. CITY'S ESTATE 100 BREWERY ROAD - AGREEMENT FOR LEASE AND
NEW LETTING
The report was withdrawn.
21. CITY FUND - REFURBISHMENT/EXTENSION OF 6 BROAD STREET
PLACE, EC2M
The Board considered a report of the City Surveyor on the
refurbishment/extension of 6 Board Street Place in the City Fund.
RESOLVED- That the report be approved.
22. CITY FUND : SALISBURY SQUARE DEVELOPMENT - RIBA STAGE 4A
PROGRESS UPDATE
The Board received a report of the City Surveyor on the Salisbury Square
Development RIBA Stage 4a Progress update.
RESOLVED- That the report be noted.
23. NON-PUBLIC QUESTIONS ON MATTERS RELATING TO THE WORK OF
THE BOARD
There were no questions.
24. ANY OTHER BUSINESS THAT THE CHAIR CONSIDERS URGENT AND
WHICH THE BOARD AGREES SHOULD BE CONSIDERED WHILST THE
PUBLIC ARE EXCLUDED
There was no other business.
25. CONFIDENTIAL MINUTES
The Board considered the confidential minutes of the informal meeting held on
the 26th of May 2021.
RESOVLED- That the confidential minutes of the informal meeting held on the
26th of May 2021 be approved as an accurate record.
The meeting ended at 12:35
Chair
