Investment in existing property portfolio
Decision Maker: City Executive Board (became Cabinet on 13 May 2019), Council
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
To update CEB on feasibility studies in relation to the investment property development opportunities and seek additional funding commitment to development stage.
A number of investment properties were identified by the City Council as requiring capital expenditure to carry out development work. Initial feasibility studies were undertaken on each to support the draft budget request of £10.3m. Authority was sought from the Head of Financial Services in 2015 and details were included within OCC’s Budget Report in December 2015.
Subsequently detailed feasibility has been undertaken and the scope of work enlarged to increase revenue projections. As a result the projects require an increased capital budget provision over that originally included within the 2017/2018 Budget.
Council considered a report from theInterim Assistant Chief Executive – Regeneration and Economy seeking approval for an increased budget requirement of £4,635,000 in addition to the existing approved budget of £10,300,000 to include the undertaking of additional projects (previously submitted to the City Executive Board meeting on 19 September 2017).
Councillor Price, Leader of the Council, presented the report and moved the recommendations.
Council resolved to approve an increase of £4,635,000 to the allocated budget of £10,300,000 to deliver the development opportunities at 1-5 George Street, Standingford House, Cave Street and add the new project of refurbishing 2 flats at 11 New Road and houses at 9 and 10 Ship Street.
Report author: Nick Twigg
Publication date: 30/10/2017
Date of decision: 02/10/2017
Decided at meeting: 02/10/2017 - Council