Purpose

The Cabinet Paper (E3323) approved: the release of 8 surplus Council sites and assets for use as Affordable Housing; an immediate release of funding to progress the sites with a capital programme approval of £12.154m; approved the wider social housing budget; and then stated that individual scheme business cases will be authorised through the existing capital processes and in consultation with the relevant Cabinet Member.
Whilst not part of the above 8 assets portfolio these have become surplus and are now being added to the programme utilising the existing capital processes. Hence, following successful consents and tendered specification this decision releases the capital funding to progress the development surplus upper parts of the property at 15, 16 & 18 Milsom Street, Bath into nine units of Affordable Housing (social rent) including essential 'landlord' repairs to the roof.

Decision

To award contract and associated resources of £2.155m capital funding to progress the proposed works and conversion at 15, 16 & 18 Milsom St, Bath - a social housing scheme as part of the B&NES Homes Programme.

Alternative options considered

Discounted Option 1 - The option to convert the units for open market sale was considered but discounted on the basis that the proposal presents the opportunity to create much needed social housing in the City centre which could support local workers.
Discounted Option 2 - Converting the units and renting on the open market was considered but discounted due to an unfavourable financial business case.