To seek approval for the Final Business Case prepared by Aurora Sales to develop a further site in North Tyneside that will support the ongoing regeneration aims of the Authority in relation to the site at Unicorn House in North Shields town centre.
Minutes:
Cabinet considered a report seeking approval for the Final Business Case prepared by Aurora Sales to develop a further site in North Tyneside that would support the ongoing regeneration aims of the Authority. If approved, the site at Unicorn House in North Shields town centre would see Aurora Sales develop 28 homes on the site for market sale.
The Scheme would directly contribute towards the Authority’s priorities within the ‘Our North Tyneside’ Council Plan to create great places to live and provide more quality housing. It would also play an important role in delivering the aims of the ‘Ambition for North Shields and the Fish Quay’ masterplan that had been launched for public consultation in August 2020.
The Final Business Case demonstrated that the scheme would be financially viable for Aurora Sales and would provide high quality homes as well as providing a potential financial return to the Authority.
Cabinet considered the following decision options: to accept the recommendations as set out in paragraph 1.2 of the report, or alternatively, to not approve the recommendations.
Resolved that (1) the Unicorn House site be declared surplus to the Authority’s asset requirements and Officers be authorised to procure the demolition of the existing buildings, clearance and remediation of the site and deal with all ancillary matters to ensure the site is suitable for development;
(2) the sale of the Unicorn House site to Aurora Sales to reflect the Final Business Case attached to the report as Appendix 2, be approved;
(3) the Head of Commissioning and Asset Management, in consultation with the Elected Mayor, the Head of Law and Governance and Head of Resources, be authorised to agree minor modifications to the Final Business Case provided it remains within the financial envelope as set out in the report;
(4) the Authority shall provide all necessary support to Aurora Sales, in the acquisition and development of the site by way of finance, both debt and equity funding, in the most efficient manner, complying at all times with State Aid Regulations, all other relevant legal requirements and the Authority’s Constitution and Financial Regulations provided there are no additional financial implications for it which cannot be contained within existing budgets, on such appropriate terms as approved by the Head of Resources in consultation with the Head of Law and Governance;
(5) the Head of Commissioning and Asset Management, in consultation with the Elected Mayor, the Head of Resources and Head of Law and Governance, be authorised to complete negotiations for the sale of the site to Aurora Sales and to agree the final terms of disposal of the site by private treaty, in accordance with all relevant legal requirements, the Authority’s Constitution and Financial Regulations; and
(6) the Head of Commissioning and Asset Management be authorised to deal with all ancillary matters arising that are consistent with the preceding resolutions.
(Reasons for decision: it will support the Mayoral aim and priority as outlined in the Our North Tyneside Plan 2020 -2024 that Our Places will be great places to live and offer a good choice of quality housing appropriate to local need and redevelop a vacant brownfield site.
It will support the policy aim to continue to develop places to provide suitable
accommodation for residents of the NTC area, and will attract visitors and /or
employees/prospective employees.
Aurora Sales believes the Project is commercially viable.
The new housing will increase of the supply of market homes and will improve/
benefit the area and support/boost the local economy.)