The Commercial Assets Sub-Committee convened to discuss and make decisions regarding the council's commercial property portfolio. Key decisions included approving a contractor for refurbishment works at Thames Tower in Reading, agreeing to a new letting at 91 High Street, Staines-upon-Thames, and discussing the tender for a new managing agent, Cushman & Wakefield. The committee also received updates on the commercial portfolio's performance and the Best Value Inspection report.

91 High Street, Staines-upon-Thames

The committee approved the new proposed letting of the ground floor of 91 High Street, Staines-upon-Thames. They also authorised the Group Head of Assets, Coralie Holman, in consultation with the Chair and Vice Chair of the Commercial Assets Sub-Committee, to agree to any variations to the proposed terms. Finally, they authorised the Group Head of Corporate Governance to enter into the lease and any associated legal documentation.

Appointment of a contractor – 11th Floor, Thames Tower, Reading

The committee decided to appoint a contractor to undertake the refurbishment works to the 11th floor of Thames Tower, Reading.

Cushman & Wakefield Managing Agent Tender

The committee discussed the tender for a managing agent, Cushman & Wakefield. A decision on this matter was deferred for determination at a later date.

Commercial Portfolio Update

The Sub-Committee received an update on the Commercial portfolio. The Public Reports Pack included updates on rent collection, arrears, and voids within the Commercial Portfolio. The committee resolved to note the updates.

Quarterly Managing Agent Report - Elmsleigh Shopping Centre January to March 2025

The committee considered the management report for the Elmsleigh Shopping Centre for the March Quarter of 2025. The committee was asked to agree to the contents of the report, but ultimately the report was for information only.

BVI Next Steps

The Sub-Committee received an update on the next steps following the Best Value Inspection (BVI) report. Recommendations from the report were being addressed in workshops with Commissioners and members to examine the impacts of the recommendations on the Commercial Assets. Further information was to be included in the Improvement and Recovery Plan being presented to the Corporate Policy and Resources Committee in September.