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Decision details
12/13 York Buildings (Part 2)
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Decisions:
The Assistant Director Financial Services & Revenues presented a report to seek approval for additional capital funding to convert the upper floors to six flats.
The Assistant Director informed the Cabinet that costs had risen by £89,000. However, borrowing costs have decreased which makes the scheme slightly more viable. If the additional funding is not approved there will still be costs involved in retaining and repairing the building.
Councillor Chowney proposed approval of the recommendations of the report, seconded by Councillor Rogers.
RESOLVED (by 7 for, to 2 against):
To increase the capital budget to convert the upper floors to 6 flats to £846,000 (was previously £757,000).
Reasons for the decision:
Following delays with obtaining consent to discharging conditions of the listed building consent and changes required to the original specification the project costs have increased. However with the historically low interest rates there is still a window of opportunity to convert the derelict upper floors in this grade 2 listed building (which has high conversion costs), to create much needed new residential accommodation and generate additional income for the Council. The estimated additional income increases from that reported in July 2018 despite the cost increase; this is the result of reductions in overall borrowing costs.
Report author: Peter Grace
Publication date: 03/09/2019
Date of decision: 02/09/2019
Decided at meeting: 02/09/2019 - Cabinet
- Restricted enclosure View reasons restricted
- Restricted enclosure View reasons restricted
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