The future of Tewkesbury Borough Council's property portfolio will be discussed by the council's executive next week (March 20).

Tewkesbury Borough Council owns a property portfolio estimated to be worth approximately £86 million (as of March 2023), which produced an annual income of £4.8m in 2023/24.

Executive members will be asked to approve the council's Strategic Asset Management Plan (SAMP) for 2024 - 2029, which sets out its property strategy for managing its assets over this period to ensure they support the organisation in achieving its priorities.

Rental income from property assets is a significant feature of the council's Medium Term Financial Strategy, contributing towards meeting the cost of operating council services.

Considering both income and expenditure targets/ needs for the portfolio in advance, over a five-year period will help support the council's wider budget setting process.

The SAMP states: "It is crucial that we use our assets to maximum effect in order to offer effective efficient services for our communities; support the decarbonisation objectives; and meet the continued pressure on our finances."

The SAMP is based around three key areas:

• Proactive approach to asset management

• Identification and management of surplus property

• Using assets to support the delivery of organisational objectives

The SAMP states: "We must investigate all opportunities to raise income to offset budget reductions including generating capital receipts from the disposal of surplus assets whilst ensuring running costs are minimised and maintenance is programmed in.

"The council will continue to remain open to exploring new opportunities including acquisition of strategic property and land that make the case for social, environmental and economic benefit."

The council's assets fall into two broad categories - operational and community assets for statutory and discretionary public services, like the Public Services Centre, Tewkesbury Leisure Centre and The Roses Theatre. These assets are let in several ways, from full repair and maintenance leases to full responsibility on the council.

The other category is the council's investment assets - a balanced portfolio of commercial properties to reduce the risk of vacant property and loss of the capital investment and income. These are let to businesses on commercial leases at market rents.

Land and buildings which don't fall into these two categories would be considered surplus by the council. These no longer have an operational use, are not contributing towards service provision or are no longer cost effective to repair and maintain. Unless the council finds alternative uses or disposes or redevelops them, they cost the council money with no benefit being returned.

Council officers recommend the executive approves the SAMP, to ensure the council is providing the right property/ asset, in the right location, at the right price and quality.