The former Barton Primary School site will not be sold to a new developer. The Isle of Wight Council has been hoping to find a buyer for the site, after Barton Primary School was relocated during the summer of 2016.
The school now operates at the former Downside School, following the closure of the middle school. The council spent £247,275 on improvements at the new site.
Offer well below valuation
The Phoenix Trust approached the council 18 months ago with a view to purchasing buildings and land on the former primary school site, with an offer of £175,000.
The land has a potential value in excess of £400,000.
However, the Trust said they would need to seek further mortgage finance and grant funding of £412,000 to change the building for their own use.
Following discussions between the Cabinet Member for Resources and the Trust, the council has concluded the offer is unacceptable.
Not best value
A report, issued by the council, said selling for this price would not achieve the best value for the authority and not provide sufficient return to reinvest in education provision.
The council will now assess the potential to bring forward a development scheme for the site, with the council potentially acting as the developer, or in partnership with a third party, to achieve the target valuation.
In the absence of a viable scheme, the land will be advertising on the open market, with a view to seeking the best price for the land.
In a statement the council said:
“In March 2017, the council granted special purchaser status to the Phoenix Project charity, however, its offer of £175,000 falls considerably lower than the valuation.”
Hutchinson: Held extensive discussions with Phoenix Project
Cllr Stuart Hutchinson, deputy leader and Cabinet member for corporate resources, added:
“It’s clear there is a very substantial difference between the two.
“Despite having held extensive discussions with the Phoenix Project, we haven’t been able to progress further.
“We have permission to release the site from the Department for Education but we’re required to get an appropriate receipt from its sale, to enable us to put as much money back into our education estate as possible.
“It’s our responsibility to make sure that happens.”
The decision will be taken under delegated powers next month.
This article is from the BBC’s LDRS (Local Democracy Reporter Service) scheme, which OnTheWight is taking part in. Some additions by OnTheWight. Ed
Image: Adam J Clarkson under CC BY 2.0
