Issue details

Issue details

Additional funding for feasibility studies for investment property development opportunities

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.

Decision type: Key

Reason Key: Expenditure, income or savings of £500,000 or greater;

Decision status: Recommendations Approved

Wards affected: (All Wards);

Notice of proposed decision first published: 14/06/2017

Anticipated restriction: Part exempt  - View reasons

Decision due: 19 Sep 2017 by City Executive Board (became Cabinet on 13 May 2019)

Decision due: 2 Oct 2017 by Council

Lead member: Finance, Asset Management

Lead director:

Department: Economic Development

Contact: Nick Twigg, Major Projects & Development Manager Email: Tel: 01865 25 2294.

Reason date could change: Confirmed

Is the date subject to change: No


Agenda items