Decision - Commercial Investment Property Strategy

The Commercial Investment Property Portfolio provides income to support the council's financial strategy as well as supporting other council policy objectives. The portfolio requires investment to reduce risk and support future income generation. A strategy is proposed to support this.

1) That Committee agrees to the disposal of properties listed in Appendix 1 of Part 2 of this report and delegates authority to the Executive Director Economy, Environment and Culture and the Executive Director Governance, People & Resources to approve terms and take any necessary steps to facilitate this recommendation. 2) That Committee agrees to the provision of an annual commercial asset investment fund as described in paragraph 3.18 of this report to be included as part of the Capital Strategy for 2024/25 onwards. 3) That Committees agreed to the allocation of the net capital receipt from the disposal of 8-9 Kings Road for investment in the Commercial Investment Property Portfolio to address the council's repair liability as described in paragraph 3.22.

The report proposes rebalancing Brighton & Hove City Council’s commercial property portfolio by disposing of selected high-risk and poorly performing properties. It also proposes an annual investment fund of £0.500-0.750m to maintain and improve retained commercial and agricultural properties, and recommends using the net receipt from 8-9 Kings Road for repairs to the commercial portfolio.