The Isle of Wight council’s Cabinet will be meeting next week (Tuesday 11th) to consider approving a 26 year lease to Ventnor Town Council (VTC) on Salisbury Gardens (the former Coastal Visitor Centre).
As readers may remember, the Ventnor Town Council plan to lease the building to create a community and enterprise hub.
Financial terms
The VTC have to commit to spending £160,000 on the building in the first year. If they do this within the specified time-frame, the first year will be rent-free. If the building and maintenance works are not completed in that time, there will be a £5,000 fee payable to the Isle of Wight Council (IWC).
Thereafter, rent will be 7.5% of of the gross income earned from the operation of the facility in each year.
Savings for the IWC
If the lease goes ahead, the IWC will no longer be responsible for the building’s repair and maintenance, or any other outgoings, giving them annual savings of around £18,000 per annum.
Bumpy ride
There has been a long running effort from the VTC, who encountered many problems over the matter with the former CEO Steve Beynon and leader of the Conservative-led council, David Pugh.
Officers are recommending the Cabinet approve the terms of the lease next week.
Article edits: On 5th Feb the IWC announced that the recommendation would be decided by the Cabinet instead of the Property Disposal and Capital Programme Sub Committee as originally reported.
Image: © Used with the kind permission of Richard ‘Tenspeed’ Heaven
