Issue - meetings

This report recommends the development of the Wells site for residential accommodation and community use and how best to achieve this objective.

The Committee received and considered a report (marked to follow on the Agenda) which recommended the development of the Wells site for residential accommodation and community use and how best to achieve this objective.

The report highlighted that developing the Wells site had the potential to deliver a long-term residential asset with associated income streams. However, the long-term financial impacts would only be accurately established once professional advice had been received and full due diligence exercises had been undertaken.

It was evident that the residents’ lobby group was unhappy with the proposed footprint (1,500 sq. ft.) of the community facility.  However, the Head of Property and Regeneration indicated that a facility of around this size was the only viable option. An amendment to remove reference to the footprint of the community facility, proposed by Councillor Hannah Dalton and Seconded by Councillor Kate Chinn, was lost.

The Committee welcomed the report on the basis that the Council would be retaining ownership of the site to ensure the delivery of much needed affordable residential accommodation. Development by the Council also enabled the continuation of a community facility.  There appeared to be general consensus that the Committee would not support the inclusion of a facility with a footprint less than 1,500sq ft but would equally not wish to see the inclusion of a facility that was not viable. It was proposed to engage PwC to advise on how best to structure the development, particularly in relation to the implications for the Council’s VAT position, and confirmed that the cost of the company’s services could be met from the Corporate Projects Reserve.

Accordingly, the Committee agreed that:

(1)          the residential redevelopment of the Wells site, including the provision of a community facility of up to 1,500 sq. ft. (to be operate and managed by the community) be undertaken by the Council or its wholly owned trading company;

(2)          PwC (PricewaterhouseCooper) be engaged to advise on how to achieve the outcome set out in (1) above at a cost of up to £15,000 to be funded from the Corporate Project Reserve;

(3)          The Head of Property and Regeneration, in consultation with the Chief Finance Officer and Chief Legal Officer, be authorised to act on the advice received from PwC.