Options to rejuvenate the run-down Ryde Town Hall have all been deemed commercially unviable in a study on its future – as Ryde Town Council is set to decide whether to buy the building tonight (Wednesday).
The move comes after the owner of the Grade II listed building started the clock ticking over the town council’s involvement with the venue after two years of discussions.
Jordan: Building would be able to sustain itself going forward
The motion to be discussed at the meeting tonight, to acquire Ryde Town Hall, was proposed by Cllr Phil Jordan, who has been positive about the future of the Ryde landmark.
Cllr Jordan, chair of the acquisitions and finance committee, previously applied for £7m funding to restore the building from the Lottery Heritage Fund, but was unsuccessful — partially due to the fact the authority did not own the building.
Speaking last week, Cllr Jordan said he had seen drafts of the study and knew, once it had been restored, the building would be able to sustain itself going forward.
Repair work over £2.4m
Now the feasibility study and business case by Hampshire County Council’s Property Services (see below) has been made public and it is estimated the shell and core condition and repair work would be £2.42 million — with work on the roofs set to cost £691,000 alone.
Four options have each been considered utilising the building in various ways for multiple occupancies, with core areas for flexible event space, a cafe bar and a catering kitchen, while including specialities like a food hall, microbrewery, the library, office or residential space.
£3.5m to remodel the property
To remodel the Town Hall into any of the options proposed would range from £3,050,000 to £3,540,000, on top of the repair costs, and exceed the estimated gross development values once it has been refurbished and is occupied.
The study found each option would return a deficit, ranging from £3.73 million to £3.92 million, and is therefore considered commercially unviable.
Asking price for building
The study says the owner would be willing to sell the building for £600,000 so the overall funding gap would be at least £3.5 million which, while presenting an obstacle to restoring the fabric of the building, could be mitigated by securing funding through options like grants.
A decision on whether to buy the building has been given a deadline. Mayor of Ryde, Cllr Michael Lilley, said as the owner has got another offer on the building.
Cllr Lilley said,
“After giving us two years to come up with an offer the owner is not willing to go further than July with discussions.
“Cllr Jordan felt it was important to have the study presented to the council and community. I have seen the draft and it is comprehensive on the viability.”
This article is from the BBC’s LDRS (Local Democracy Reporter Service) scheme, which News OnTheWight is part of. Read here to find about more about how that scheme works on the Island. Some alterations and additions may have been made by News OnTheWight. Ed
