Reference the confidential report of the Director of Environment – Agenda Item 15.

Lee Dawson, Head of Corporate Property, introduced the report. He was pleased to report that the long running issues surrounding the Mill Farm property had been signed off. He acknowledged the excellent work of Chris Herries to achieve this, prior to his retirement in March.

The Panel also understood that investment in maintenance work on the Gloucester property would provide benefits in being able to secure rental income. Lee Dawson also sought approval for an additional recommendation, namely to appoint Deloittes to undertake a revaluation of the property stock.

Resolved:

The Pension Fund Panel on Tuesday, 24 April 2012 confirmed the recommendations of the Property Management report at Item 15 of the agenda as follows:

1. The Panel agreed to accept a nil increase for Unit A Speedfields Park, Fareham (as recommended in para 4.1.1 of the report)

2. The Panel agreed to accept the recommendations of the report in respect of Westgate Street, Gloucester (as recommended in para 4.2.1 of the report) and agreed the expenditure on the maintenance works.

3. The Panel also agreed to the appointment of Deloittes to undertake a revaluation of the property stock in the portfolio as at the end of March 2012.