Members of the Isle of Wight council (IWC) Executive committee last week approved plans to transfer the freehold of former Ventnor Youth Club to Spectrum Housing Group (SHG).
The transfer, negotiated by the IWC’s development partner, PSP Isle of Wight LLP, would attract no cost for the housing association, who will be delivering a new public library for the town in return. They’ll also be building 12 affordable rental units on the site.
Papers for the meeting explained,
“The financial offer is nil because the council is, in effect, being provided with a new public library (to basic finish only) instead of being paid a capital receipt for the land.
“This is because the cost of providing this facility is at least as much as the land value that would otherwise be paid by SHG.”
Long lease by Ventnor Town Council
Ventnor Town Council has agreed to take a long lease of the new library for £1 per annum and meet all the costs of running the library as a public facility.
The paper goes on to explain,
“There will be additional costs incurred by fitting out the new library and relocating the existing facility.
“The funding of this is currently being considered by the library service.
“Once the library is relocated the old library building will become surplus to the council’s requirements and can be considered for disposal.
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