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.