Issue - meetings

AGREED that Cabinet:

a)       note and support the proposed approach to create a usable community space at ground floor and single residential apartment at upper floors for long-lease sale to the market;

b)       approve amending the existing committed Capital budget from £353,000 to £373,000 in order to cover the costs of delivering a) above;

c)        delegate to the Deputy Chief Executive and Director – Resources authority to enter into a lease with the Lincoln College Group (LCG) for use of the ground floor and basement as a Community Information Hub for a minimum period of 3 years and to proceed with the long-leasehold sale of the apartment at upper floors, including the imposition of any necessary service changes for both uses approved;

d)       delegate to the Deputy Chief Executive and Director – Resources authority to include within the terms of c) above a rent-free and service charge free period of 12 months, with rent for subsequent years being jointly sought by the LCG, CVS, and this Council from any revised Newark Long Term Plan for Towns (LTPfT) which shall be capped at a maximum of £9,000 per annum until 31^st March 2029; and

e)       subject to c) and d) above to conclude necessary fit-out costs for the Community Information Hub, providing the envelope remains within the revised capital budget of £373,000.

The Business Manager – Economic Growth & Visitor Economy presented a report which informed Cabinet of project progress in respect of the 14 Market Place, Newark property, and provided recommendations for final use. Since March 2024, officers had been drawing up a specification based on the creation of a single residential unit at upper floors and commercial shell at ground floor with basement storage. This had identified a need for an uplift in the capital programme budget to £373,000.

The proposals for Newark College taking the tenancy of the ground floor and developing and activating the building for community use, along with the funding proposals were detailed in the report.

AGREED     (unanimously) that Cabinet:

a)           note and support the proposed approach to create a usable community space at ground floor and single residential apartment at upper floors for long-lease sale to the market;

b)          approve amending the existing committed Capital budget from £353,000 to £373,000 in order to cover the costs of delivering a) above;

c)           delegate to the Deputy Chief Executive and Director – Resources authority to enter into a lease with the Lincoln College Group (LCG) for use of the ground floor and basement as a Community Information Hub for a minimum period of 3 years and to proceed with the long-leasehold sale of the apartment at upper floors, including the imposition of any necessary service changes for both uses approved;

d)          delegate to the Deputy Chief Executive and Director – Resources authority to include within the terms of c) above a rent-free and service charge free period of 12 months, with rent for subsequent years being jointly sought by the LCG, CVS, and this Council from any revised Newark Long Term Plan for Towns (LTPfT) which shall be capped at a maximum of £9,000 per annum until 31^st March 2029; and

e)           subject to c) and d) above to conclude necessary fit-out costs for the Community Information Hub, providing the envelope remains within the revised capital budget of £373,000.

Reasons for Decision:

The use of the building for community space and residential will enable worthwhile use of a key asset within the Council’s property portfolio in line with town centre strategy.

Options Considered:

There is an option to ‘do nothing’ and mothball the building. This option has been discounted as it is a prime retail unit within Newark Town Centre and regenerating the site for future uses is a focus for the economic growth of the town.