Meeting documents
Cabinet
Wednesday, 6th November, 2002
Appendix 1
Capital Costs
The capital costs are based on the maximum cost of capital for each option estimated by Bruton Knowles Property Assets Consultancy.
Cost of reprovision Cost £m
Hawthorns site home 3.45
Greenacres site home 3.69
Carrswood site Home 2.25
Replacement of Carrswood Day Centre 1.9*
Total 11.29
*This estimate has increased since the July report due to a more detailed analysis of the requirements for the day centre.
Sales (Capital Receipts)
The capital receipts estimates were made by property services. These are the lowest estimates for receipts. A maximum estimate would generate receipts of £3.78million i.e. an additional £800,000.
Income £m
Tyndale -0.60
Sunnyside -0.28
Green Park -0.45
Goldney -0.25
Marjorie Whimster -0.40
Woodside -1.00
Total -2.98
Additional Capital Funding
Additional capital receipts are to be received from the sale of Mount Pleasant, Eastfield Avenue and Sedgemore Road Hostels. This will generate receipts of £590,000 with £281,300 planned for reinvestment in the replacement of Carrswood.
The net Capital position based on the above costings is as follows:
Cost of Reprovision £11.29m
Less Capital Receipts from Homes (£2.98m)
Less Capital Receipts from Hostels (£0.28m)
Net Capital Cost £8.03m
This compares with the sum available within the financial plan of £4.3m.
Opportunities to secure additional funding for bridging the gap of £3.73m are being investigated with registered social landlords.