The Chairman and Deputy Chief Executive and Chief Officer Finance and Trading introduced the report. The Chairman explained that this was an exciting project for the Council to be taking forward with setting a standard for the quality of development. Following the granting of planning permission, the building would be high quality in its environmental credentials and building materials. The space would provide be a flexible business hub, as well as 17 residential units.

The Deputy Chief Executive and Chief Officer Finance & Trading explained the scheme, which was to be funded by capital receipts and Government funding which should make the scheme financially viable. It was hoped that the development would help set the tone for future developments in Swanley, such as Bevan Place. The report provided details of the wider scheme, including time scales, detailed funding and the delivery of the project, following Cabinet’s initial approval in August 2020.

Members expressed their support for the business hub space and for the regeneration in Swanley. In response to questions, Members were advised that there was a functional space outside the building and that heat and air flow in the building had been fully investigated.  Further details on access to the rear of the building would be circulated.

Resolved: That it be recommended to Cabinet that Council

a)   agrees the redevelopment of 27-37 High Street, Swanley, as outlined in the report to provide a new business hub and 17 residential units at an estimated total project cost of £5,624,039 as set out in Table 1;

b)   approves that the project is funded by:

i.         capital receipts from the sale of units in the scheme, estimated to be c. £4,134,039; and

ii.       £1,490,000 from the Getting Building Fund (GBF) administered by the South East Local Enterprise Partnership (SELEP), and notes that the SELEP Accountability Board will only make a decision on this match funding on the 20 November 2020, and thus approval to proceed with the project is conditional on SELEP finally awarding the GBF grant.

iii.      agrees to the £375,000 vired in August 2020 to be transferred back to the Property Investment Strategy from this project; and

c)    delegate authority to the Strategic Head of Property and Commercial in consultation with the Head of Legal Services and the Chief Officer Finance and Trading to enter into necessary contracts to facilitate the development and construction of the proposed scheme in accordance with the Council’s Contracts Procedure Rules.