Issue - meetings

RESOLVED:

That a contract is awarded to CBRE under the Homes and Communities Agency framework for three years from 1 September 2017 with an option to extend for one year.

Reason For Decision:

In March 2017 Cabinet set out its ambitions for the further growth of the Investment Portfolio and the procurement of a property investment advisor to provide the necessary skills and level of support required. The proposed procurement will support the Council to grow its portfolio and increase the level of income received from investments thereby enhancing its financial resilience over the longer term.

[The decisions on this item can be called in by the Corporate Services Select Committee]

The Cabinet Member for Property and Business Services introduced the report that explained how Cabinet had reviewed the Investment Strategy in March 2017 and confirmed its ambitions to grow the investment portfolio further in order to secure an income stream in support of the council’s services.  It was recognised that the strategy requires the support of a property investment advisor to provide the necessary skills and level of support required to expand the investment portfolio.

This report sought approval to award a contract for Surrey County Council under the Homes and Communities Agency (HCA) Framework Agreement for the provision of property investment advisory services to commence on 1 September 2017 as detailed in the recommendations. The role of the Investment Advisor was to provide resource and necessary skills to undertake strategic property investment advice (Portfolio Management), advice on the acquisition and disposal of assets (Investment Management) and ongoing Asset Management services to support Finance, Property and Legal Services in meeting the objectives set by Cabinet in connection with the revised Investment Strategy.

The Cabinet Member for Property and Business Services highlighted details of the procurement process, including the results of the evaluation process and, in conjunction with the Part 2 report, demonstrated why the recommended contract award delivers best value for money.  He also explained that regular monitoring of performance would take place.

The Leader stated that he was pleased there had been the amount of interest shown in this contract with 13 showing initial interest which led to 8 bidders.  He also stressed the need to increase the long term income stream for the council.

Due to the commercial sensitivity involved in the contract award process the financial details of the recommended supplier has been circulated as a Part 2 report (agenda item 20).

RESOLVED:

That a contract is awarded to CBRE under the Homes and Communities Agency framework for three years from 1 September 2017 with an option to extend for one year.

Reason For Decision:

In March 2017 Cabinet set out its ambitions for the further growth of the Investment Portfolio and the procurement of a property investment advisor to provide the necessary skills and level of support required. The proposed procurement will support the Council to grow its portfolio and increase the level of income received from investments thereby enhancing its financial resilience over the longer term.