Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
The Council commissioned a Feasibility Study for the Westbrook Loggia building. The Feasibility Study considers the opportunities for the redevelopment of the site, types of uses and is informed by evidence and community engagement. The full feasibility study was carried out in 2021 includes a Cost Plan Report and RIBA options appraisal.
Cabinet were asked to consider the report and recommendations for the next steps to be taken, to deliver a scheme on the Westbrook Loggia building.
Cabinet agreed to:
1. Note the independent Feasibility Study in Annex 1, into the options for the Westbrook Loggia;
2. Progress the Westbrook Loggia through the disposal framework identified in Option 2, with specific sale conditions relating to use, development timescales and buy back in the event of failure to deliver;
3. Give delegated authority to the Disposal Surveyor in consultation with the Director of Property to market the property and negotiate relevant sale terms;
4. Give delegated authority to the Director of Property in consultation with the Portfolio Holder to enter into a binding sale contract.
To enable the redevelopment of a key coastal asset, whilst delivering against the Council Corporate Priorities.
Option 1: The Council could do nothing with the report and its recommendations and sell the site through a disposal process, and gain a capital receipt. The Council will have no control over what development happens on the site, if it gets delivered. Toilet provision would need to be considered elsewhere, this would incur costs and investigation works that would be needed regarding infrastructure i.e. water and waste. This option will mean that:
Option 3: Deliver the project through a Joint Venture structure where the Council puts in the land asset and a developer finances the scheme, and procures the operator. Through this mechanism, the Council would end up as a minority partner on the basis of the potential value of the site and the capital investment required. The Council would also have some of the financial and delivery risks. The Council could also consider putting more capital into the project to increase its potential share of the equity. The Council potentially could have more control in this Option, however the risks are relatively high.
Publication date: 17/06/2022
Date of decision: 16/06/2022
Decided at meeting: 16/06/2022 - Cabinet
Effective from: 25/06/2022