Issue - meetings

Report of Head of Regeneration and Estates

Summary

To consider the Council’s Asset Management Plan for 2010/11

Recommendations

The Executive is recommended to:

(1)               Approve the Asset Management Plan for 2010.

(2)               Approve that the proposal that vacant small industrial units be used for economic development purposes through lettings on flexible terms, and that this policy be monitored through future reporting on the Asset Management Plan.

Recommendations Approved

The Head of Regeneration and Estates submitted a report which presented the Council’s Asset Management Plan for 2010/11

Resolved

(1)               That the Asset Management Plan for 2010 be approved.

(2)               That the proposal that vacant small industrial units be used for economic development purposes through lettings on flexible terms, and that this policy be monitored through future reporting on the Asset Management Plan be approved.

Reasons

The Council’s investment portfolio provides a significant revenue income, at a yield which is much greater than that achievable on cash investments.  The Council has agreed to increase these investments in order to ensure that the Bicester town centre redevelopment is progressed.  Other small commercial investments are proving hard to let in current circumstances.  In the past these assets have been let on commercial terms, but it is proposed that vacant industrial units be offered to small businesses on flexible terms, with support from Oxfordshire Business Enterprises, in order to ensure that these properties are utilised in line with the Council’s economic development objectives.  Flexible terms are likely to comprise a reduced rental for a limited period of up to a year, the inclusion of break clauses operable by tenants at an early date, or the ability to share premises.  The precise detail will be subject to negotiation according to circumstances, but agreements will be relatively short term and without security of tenure.

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