Issue - meetings

Councillor Guy, Leader of the Council, introduced the report. There was some discussion around the set up of Aequus.

Panel members made the following points and asked the following questions:

Councillor Simon ask about projects in Milsom and Stall Street. The officer explained that units are being developed above shops as retail units do not always want use of upper floors. Sometimes there needs to be separate access. No exact number at present.

Councillor Biddleston stated that it was great to hear ambitions for social housing. He stated that the Audit Committee had asked for a visit as this helps. Councillor Guy stated that it could be arranged for members to view examples of converted units that had been empty for decades.

Councillor Blackburn asked about interest rates regarding ADL and how this is mitigated as BANES is the banker. The officer explained that these are relatively short loans (1-3 years) and set at certain levels. The Director explained that the credit rating of the company is improving as the company matures. We never want to expose the Council to financial risk. It is sensible and prudent.

Councillor MacFie asked what proportion of the 1000s of units in the pipeline are originally BANES owned. Councillor Guy explained that there will be a limit to the amount that is in our property portfolio, we encourage Aequus to look further afield.

Councillor Blackburn asked about South Quays where the commercial development went ahead before the planned apartments. The Director explained that Aequus are looking at a new planning application.

Councillor Blackburn referred to the aim to reach EPCA on everything and asked about how difficult this will be. He also referred to snagging costs at Sladebrook. Councillor Guy stated that the EPCA target is extremely ambitious but the commitment is for all new builds. Sometimes we cannot quite manage it, it is bespoke for each property. Councillor McCabe, Cabinet Member for Built Environment, Housing and Sustainable Development explained that a building becomes a retrofit when we look at it again. He stated that we do have the technology and skills to meet the challenges. The officer added that the Council do not have control once the building is sold.

The Chair thanked the Leader, Cabinet Member and officers.