Purpose

As part of the Commercial Estate Team's commitment to
provide resilient net income for the Council, this programme
complies with the Council's legal obligations as landlord as
well as providing investment to upgrade and future proof the
portfolio of commercial properties. This will revitalise the city
centre and protect the listed status of these buildings.

Decision

To approve capital budget up to the value of £855K for upgrading of commercial properties in addition to planned maintenance and to be funded by £215K from the provisional capital programme for commercial estate planned maintenance and £640k from third party contributions.

Alternative options considered

Option 1 - Do nothing - High risk, not viable
Option 2 - Reactive Maintenance - Short-term savings, long-term costs
Option 3 - Disposal - Reduced liabilities but sacrifices future income and strategic control
Option 4 - Planned Maintenance (preferred) - Meets obligations, future-proof assets and secures resilient net income, improves visitor's impressions of key areas of the city centre