Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
(1) That the update since the development was acquired be noted.
(2) That the proposed Centre / interim Asset Management Strategy be approved.
(3) That £400k capital investment, funded from borrowing, be approved, for necessary repairs to the site to prevent further deterioration in the income stream.
(4) That authority be delegated to the Corporate Director of Place to procure and agree the relevant contracts to implement the Centre / Asset Management Strategy and commission the Project team to develop future site options.
(5) That authority be delegated to the Corporate Director of Governance and Community Strategy to finalise and enter into any documents in order to give effect to the content of the report.
To: ensure that the Council continues with its legal obligations for the Grafton Centre; maintain the revenue for the Centre so that the Council can continue to make the repayments on their loan; make improvements not only to benefit the existing tenants at the Centre and also the members of the public; and deliver an appropriate interim asset management strategy providing a stable period for a careful consideration of the longer term redevelopment options available to the Council.
Do nothing; but this would not address the necessary repairs and improvement needed to maintain the Centre and its obligations as landlord to the various tenants. Without a dedicated Centre Manager the Centre will continue to decline and there is a risk further tenants could leave.
Publication date: 25/01/2022
Date of decision: 24/01/2022
Decided at meeting: 24/01/2022 - Executive
Effective from: 02/02/2022