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spyguy

York - Bonding Warehouse

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Another partial success from the people who did not build on Terry's:

http://www.yorkpress.co.uk/news/11655283.Bonding_Warehouse_put_up_for_sale_for___2_4m/?ref=mr

'Offices in the Bonding Warehouse are now fully let, and the four flats have all either been sold or are under offer.'

Which begs the question - what exactly is For Sale? The leasehold?? All of it?

I cannot find any record of any sale.

Ad:

http://www.rightmove.co.uk/new-homes-for-sale/property-29392236.html

Nothing remotely close on houseprice.io

https://houseprices.io/?q=Skeldergate+York

A lot of red too.

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Did the council / LEP / Eu cough up the cash ?

But it is the economic development proposals that have raised eyebrows.

A Digital Media Cultural Centre – to be located at the Bonding Warehouse – will get a £1.4 million grant/loan with another £1.0M from the, government funded, Local Enterprise Partnership and £1.2M from the European Regional Development Fund. Only £755k would come from the private sector......

The plan to invest £3.6 million of public money in the Bonding Warehouse – a building subject to flooding and notoriously difficult to maintain and heat – is causing deep concern. The building was owned until about 5 years ago by the Council. It was in poor condition as a result of flooding and was eventually sold for around £1 million, at the height of the property boom, to a bidder who wanted to establish a residential use for the building. This and subsequent plans for a hotel, exhibition space and offices, also failed to get off the ground and the Listed building continues to be empty.

The business case for investing £3.4 million of taxpayers money rests on the claim that “the project responds to a market failure in the provision of flexible, city centre space for the digital and creative industries”. We are told that “the sector is dominated by micro or small businesses; many of them are young and innovative. These businesses require flexible, low-cost premises located in the city centre, however land values and rental prices are prohibitively high acting as a barrier to growth. Market demand for affordable studio and business premises is high”.

....The business case included with the Council papers fails to identify rental income streams which would be critical to any decision. Claims are made about job generation but without any detail of the assumptions made about the number of units that would be provided or likely occupancy rates.

Edited by Saving For a Space Ship

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There's no lack of affordable space outside of York. Christ, a short train journey to Selby, or a longer one to Hull FFS.

The money would be better spent on buying the potential tenants a bus pass.

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