Agenda and decisions

Venue: John Meikle Room, The Deane House, Belvedere Road, Taunton TA1 1HE. View directions


No. Item


Apologies for Absence

To receive any apologies for absence.


Minutes from the Previous Meeting pdf icon PDF 96 KB

To approve the minutes from the previous meeting.

Additional documents:


Declarations of Interest

To receive and note any declarations of interests in respect of any matters included on the agenda for consideration at this meeting.


(The other registrable interests of Councillors of Somerset Council, arising from membership of City, Town or Parish Councils and other Local Authorities will automatically be recorded in the minutes: City, Town & Parish Twin Hatters - Somerset Councillors 2023 )


Public Question Time

The Chair to advise the Committee of any items on which members of the public have requested to speak and advise those members of the public present of the details of the Council’s public participation scheme.


For those members of the public who have submitted any questions or statements, please note, a three-minute time limit applies to each speaker and you will be asked to speak before Councillors debate the issue.


We are now live webcasting most of our committee meetings and you are welcome to view and listen to the discussion. The link to each webcast will be available on the meeting webpage, please see details under ‘click here to join online meeting’.


Review performance indicators for the Investment Portfolio and main risks to the programme pdf icon PDF 872 KB

To receive a report on the key performance indicators for the asset management of the Investment Property Portfolio.


The Property and Investments Executive Sub-Committee: 


a.   Considered the performance indicators for the asset management of the Commercial Investment Portfolio for Q4 2023/24: 



Q4 2023/24 


Total contracted annual income 



Unchanged due to rent free periods on lettings 


Vacant units as a percentage of total rental value 


Reduced from 9.1% following lettings at Imperial House and Alchemy 

Rent arrears  


Not available 



b.   Agreed to align future meeting dates to enable KPI updates to be completed prior to publication of meeting reports. 

c.   Considered the main risks to the programme set out under paragraph 10 below. 



Revision to the scope of the Investment portfolio pdf icon PDF 828 KB

To consider governance arrangements and additions and removal of property from the investment portfolio.


Additional documents:


TheProperty and Investments Executive Sub-Committee agreed: 


a.       The revised schedule of assets in Appendix A as being the revised scope of the Non-Treasury Commercial Asset Portfolio.Including the addition ofNorthgate Yard, Bridgwater, Aspen House, Bridgwater to the scheduleand the deletion of  88-92 Middle Street, Yeovil from the schedule. 

b.      To transfer the governance overview of the asset management of 88-92 Middle Street, Yeovil to the Asset Management Group 

c.       That this Executive Sub Committee tasks officers with the following:

i              That the Service Director - Strategic Asset Management write to Elbit UK requesting an urgent meeting to discuss and clarify the current and future use of their premises at Aztec West and report back to the next meeting of this Sub Committee following that meeting.

ii             That the Interim Head of Legal Services and the section 151Officer report  to the next meeting of this Sub Committee on the potential options available to the Council as landlord of the office building at 600 Aztec West in the light of the recent public concerns and protests and the risks and benefits attached to each of those options, including (a) the implications (if any) for the financial stability of Somerset Council and (b) the opinions of the Section 151 officer, the Monitoring Officer and the External Auditor.



Report on Investment Property Disposals

To consider the Confidential Report. 



Update on Asset Investment

To consider the Confidential Report.