Issue - meetings

BCP FuturePlaces Ltd, (“FuturePlaces”) a wholly owned Urban Regeneration Company (URC) was set up with the fundamental purpose to drive “Place Making”, regeneration, and property market transformation both across key sites owned by the Council and the wider area to support the aspirations set out in the Council’s Big Plan.

The FuturePlaces business plan approved by Cabinet in June 2022 lists the key sites the company has been tasked with progressing the regeneration of including part of the Chapel Lane Car Park.

This report sets out the outline business case (OBC) and highlights that FuturePlaces’ recommended use for this site is that it is retained and developed out by the Council as a build to rent mixed-use residential scheme comprising ground floor commercial space and up to 27 new homes.

This option meets the Council’s strategic objectives and delivers against the Big Plan: Rejuvenate Poole and Act at Scale by delivering new homes for local people and providing new ground floor commercial space to support the regeneration and revival of Poole Town Centre and High Street by securing additional flexible contemporary space to support employment. 

Whilst the OBC considers the overall viability of the recommended option based on high level assumptions, the FBC will confirm the exact design, time, cost, and quality expectations as well as the proposed delivery pathway and overall affordability. It is only at FBC stage that firm consideration can be given as to whether it is still best to progress with the redevelopment proposal and the necessary commitment and funding approvals sought from the Council.

It is anticipated that upon completion of the scheme the new homes will be let by the Council’s wholly owned company Seascape Homes and Property Ltd.

Cabinet is required to review the options outlined in the OBC and consider if the recommended option is the most appropriate and affordable in order to approve the progression of the regeneration of this site in accordance with the recommended use identified and progress with the preparation of an FBC.

RESOLVED that Cabinet:-

(a)             Approves the Outline Business Case for Chapel Lane Car Park North as set out in the confidential appendix A to this report endorsing the recommended option contained therein;

(b)            Agrees to pay FuturePlaces for its development advice services and costs associated with the preparation of the outline business case totalling £31k, and to include the scheme in the Council’s Capital Investment Programme;

(c)             Agrees to move the project to Full Business Case stage and commit costs estimated at £753k;

(d)            Agrees to declare the asset surplus to requirements and appropriate the land for planning purposes to enable development.

Voting: Unanimous

Portfolio Holder: Deputy Leader of the Council and Portfolio Holder for Regeneration, Economy and Strategic Planning

Reason

To contribute to the Council’s Corporate vision, specifically helping to create dynamic places, investing in the homes our communities need, revitalising and re-inventing our high streets and local centres in line with the vision set out in the Big Plan.

FuturePlaces was formed to ensure BCP Council has the capacity, expertise, and resources to drive investment in regeneration and unlock value from major Council owned sites; it will also enable BCP Council to ensure that we deliver new homes and create well designed, local neighbourhoods.

The Deputy Leader of the Council and Portfolio Holder for Regeneration, Economy and Strategic Planning presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'E' to these Minutes in the Minute Book.

Cabinet was advised that BCP FuturePlaces Ltd, (“FuturePlaces”) a wholly owned Urban Regeneration Company (URC) was set up with the fundamental purpose to drive “Place Making”, regeneration, and property market transformation both across key sites owned by the Council and the wider area to support the aspirations set out in the Council’s Big Plan, and that the FuturePlaces business plan approved by Cabinet in June 2022 lists the key sites the company has been tasked with progressing the regeneration of including part of the Chapel Lane Car Park.

Cabinet was informed that this report sets out the outline business case (OBC) and highlights that FuturePlaces’ recommended use for this site is that it is retained and developed out by the Council as a build to rent mixed-use residential scheme comprising ground floor commercial space and up to 27 new homes.

Cabinet was advised that this option meets the Council’s strategic objectives and delivers against the Big Plan: Rejuvenate Poole and Act at Scale by delivering new homes for local people and providing new ground floor commercial space to support the regeneration and revival of Poole Town Centre and High Street by securing additional flexible contemporary space to support employment. 

In relation to this Cabinet was advised that whilst the OBC considers the overall viability of the recommended option based on high level assumptions, the FBC will confirm the exact design, time, cost, and quality expectations as well as the proposed delivery pathway and overall affordability. It is only at FBC stage that firm consideration can be given as to whether it is still best to progress with the redevelopment proposal and the necessary commitment and funding approvals sought from the Council.

Further to this Cabinet was informed that it is anticipated that upon completion of the scheme the new homes will be let by the Council’s wholly owned company Seascape Homes and Property Ltd.

Cabinet was advised that they are required to review the options outlined in the OBC and consider if the recommended option is the most appropriate and affordable in order to approve the progression of the regeneration of this site in accordance with the recommended use identified and progress with the preparation of an FBC.

RESOLVED that Cabinet: -

(a)             Approves the Outline Business Case for Chapel Lane Car Park North as set out in the confidential appendix A to this report endorsing the recommended option contained therein;

(b)            Agrees to pay FuturePlaces for its development advice services and costs associated with the preparation of the outline business case totalling £31k, and to include the scheme in the Council’s Capital Investment Programme;

(c)             Agrees to move the project to Full Business Case stage and commit costs estimated at £753k;

(d)            Agrees to declare  ...  view the full minutes text for item 119