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Issue - meetings
12/13 York Buildings
Meeting: 02/07/2018 - Cabinet (Item 93)
12/13 York Buildings
Minutes:
Peter Grace, Assistant Director, Financial Services & Revenues presented a report on 12/13 York Buildings, to seek approval for additional capital funding to convert the upper floors to six flats.
The tendered costs are higher than previously estimated, and detailed in the confidential part 2 of the report. The additional conversion costs associated with this grade 2 listed building in a difficult to access property are considerable.
The tenant has agreed in principle to surrender their lease of the whole building and take a new lease of just the ground floor at the existing rent.
It would not be viable to undertake the work and then sell the flats. Likewise once the work is undertaken the value of the property would be reflected in the Council’s balance sheet at the market value – which would be less than the amount of Capital expended.
Councillor Chowney proposed approval of the motion, seconded by Councillor Rogers. Councillor Batsford left during the debate, and could not vote.
RESOLVED (by 5 for, 2 against, 0 abstentions) that:
1. To increase the capital budget to convert the upper floors to 6 flats at an estimated cost, as detailed in the part 2 report on the agenda.
The reasons for this recommendation were:
The Council agreed in April 2017 to include the conversion costs subject to a total cost as detailed in the report. The tenders received are higher than architects estimated. However with the historically low interest rates there is still a window of opportunity to convert the upper floors in this grade 2 listed building (which has high conversion costs), to create much needed new residential accommodation and generate additional income (albeit smaller) for the Council.
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