(Link to Council Priorities: All)
The Portfolio Holder for Resources introduced the report and advised Members that the Asset Management Plan was a strategic document that set out the Council’s approach to the way in which the Council managed its land and property asset base.
The Cabinet noted that the previous Asset Management Plan approved in 2014 had now been refreshed and the new Plan covering the period 2019-2024 detailed the Council’s plan in relation to the corporate property portfolio of operational and non-operational holdings, for the next five years.
The Portfolio Holder reported that the Council’s land and property holdings had a total ‘net book value’ of approximately £194.5 million which comprised investment assets worth £92 million and operational assets with a value of £102.5 million.
The Cabinet welcomed the comprehensive report and noted that the Asset Management Plan and associated strategies was a good framework for the management of the Council’s assets.
The Portfolio Holder for Housing queried whether the Council owned any commercial units that could be converted into residential units. The Portfolio Holder for Resources advised that consideration had been given to converting one of the commercial office spaces in to residential but due to a lack of amenity space this was not being progressed. However, officers would continue to consider commercial units for conversion to residential units as and when appropriate.
Recommended: that the Asset Management Plan and Associated Strategies, as attached as Appendix A to the report, be adopted.