Chichester District Council
Issue

Issue - meetings

Plot 21/Ravenna Point, Terminus Road

Meeting: 03/09/2019 - Cabinet (Item 37)

37 Plot 21, Terminus Road - Ravenna Point pdf icon PDF 70 KB

The Cabinet is requested to consider the agenda report and its appendix and to make the following resolution:

 

That the Post Project Evaluation (PPE) report in appendix one for the Plot 21/Ravenna Point development be approved. 

Additional documents:

Decision:

RESOLVED

 

That the Post Project Evaluation (PPE) report in Appendix one for the Plot 21, Terminus Road - Ravenna Point development be approved.

Minutes:

Mrs Lintill introduced the item. She explained that the Post Project Evaluation (PPE) reviews performance of the project against the original intentions set out in the Project Initiation Document (PID) following the practical completion of the project on 16 January 2019 and subsequent launch of the site as Ravenna Point. She explained that the project has created modern, industrial accommodation for new businesses and brought a Brownfield site back to commercial use. Mrs Lintill confirmed that although the project faced major ground contamination issues an underspend of £96,000 has been achieved. The development has been open for eight months with two units operational and interest expressed in the remaining four units. Mrs Lintill confirmed that the rental figure achieved to date is higher than envisaged and if the subsequent lettings achieve the rental levels anticipated the key project outcome to secure a 7.25% return on investment should be met or exceeded.

 

With reference to page 65 of the agenda pack Mrs Plant asked whether any initiatives are being used to encourage tenants. Mr Gregory confirmed that both the Estates team and Enterprise Centre team are actively promoting the units alongside 2 agents.

 

Mrs Lintill congratulated officers on the delivery of this project and for bringing it in within budget.

 

Decision

 

The Cabinet then voted unanimously to make the resolution below.

 

RESOLVED

 

That the Post Project Evaluation (PPE) report in Appendix one for the Plot 21, Terminus Road - Ravenna Point development be approved.

 


 

Top of page