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Issue - meetings
12/13 York Buildings
Meeting: 03/04/2017 - Cabinet (Item 84)
84 12/13 York Buildings PDF 119 KB
(Cabinet Decision)
Minutes:
Cabinet considered the recommendations set out in minute numbers 84 and 88 together.
The Assistant Director, Financial Services and Revenues, presented a report which sought approval for capital funding to convert the upper floors of 12/13 York Buildings into six flats.
The property was a grade II listed building, occupying a prominent location in the town centre. The ground floor and basement of the building was leased as retail space, however, the upper floors had been vacant for many years and were in a semi derelict state.
The council had a longstanding commitment to bring empty properties back in to use and support the supply of good quality rented accommodation in the town.
The council had commissioned a feasibility study for potential uses for the upper floors of the building. The report recommended that the council undertake the works to convert the top three floors of the building into six flats and rent the units through a 3rd party. Initial discussions had taken place with a local charity, which may be willing to take on the lease of the completed flats.
Members noted that the estimated refurbishment costs were high due to the present condition of the property and the conservation requirements for listed buildings. However, the council had the opportunity to borrow the funds at a competitive rate due to low interest rates. Once borrowing costs had been deducted, it was anticipated that the scheme would achieve a surplus of £4,700 per annum.
Discussion took place regarding alternative models to bring the property back into use, including selling the upper floors of the building in their present condition.
Councillor Chowney proposed approval of the recommendations to the Assistant Director, Financial Services and Revenues report, which was seconded by Councillor Forward.
RESOLVED (by 5 votes for to 2 against with 0 abstentions) that the upper floors of 12/13 York Buildings be converted to six flats at an estimated cost of £682,000
The reason for this decision was:
With historically low interest rates there is a window of opportunity to convert the upper floors in this grade II listed building (which has high conversion costs), to create much needed new residential accommodation and generate additional income for the council.
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