Decision details
Commercial Planned Maintenance - RULE 3.5.16
Decision Maker: Cabinet Member for Resources
Decision status: Approved
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
Terms for the proposed capital reinvestment
into income generating commercial properties within the Milsom
Quarter Masterplan area with the purpose of approving capital
programme budget from provisional approval to full budget
approval.
Decision:
(1) To approve capital spending of £10m into properties within the Milsom Quarter Masterplan area.
(2) To allocate £502K Revenue Budget Contingency (within Corporate Budgets cash limit) to Commercial Estate of £13K 2024/25, further £358K in 2025/26 and £131K in 2026/27.
(3) To delegate all lease decisions to the Head of Commercial Estate in consultation with the Executive Director - Resources (S151), Monitoring Officer and Cabinet Member for Resources.
Reasons for the decision:
The investment into commercial assets is a key part of the strategy for regenerating the Milsom Quarter. The proposal will provide the catalyst for significant regeneration projects with multiple direct and indirect social benefits in a key area of the city centre.
Alternative options considered:
A “do nothing” option in relation to reinvesting in the commercial assets has been assessed; “do nothing” would be detrimental to achieving sustainable net income from the Commercial Estate in future years. It would also lead to less successful outcomes for the Milsom Quarter Masterplan.
Publication date: 28/11/2024
Date of decision: 28/11/2024
Accompanying Documents:
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