Combined Executive Agenda 120410.pdf - North Ayrshire Council

Subject:
NORTH AYRSHIRE COUNCIL
Agenda Item 5
10 April 2012
The Executive of North Ayrshire Council
Vineburgh Regeneration Project, Irvine (Phase 3)
Purpose: To seek Executive approval for the sale of the land,
which comprises Phase 3 of the Vineburgh
Regeneration project, to Cunninghame Housing
Association.
Recommendation: That the Executive (a) agrees, subject to Scottish
Government approval, that the land forming Phase 3
of the Vineburgh project, is sold to Cunninghame
Housing Association for £865,127, including additional
clawback if required; and (b) that, following the sale of
the land, the Executive approves the recompense of
extra-ordinary development costs, totalling no more
than as detailed in Section 2.7 of this report.
1. Introduction
1.1 The Vineburgh Regeneration Project is a £36,000,000, 6-year
programme of demolition and redevelopment. As previously reported
to the Executive a total of 306 Council houses are to be demolished
and replaced with a similar number of social rented and shared equity
housing, developed and managed by Cunninghame Housing
Association. The Vineburgh Regeneration area is being redeveloped
in four 'phases'.
1.2 176 new homes have been developed in Phases 1 and 2 of the
Vineburgh project, and a further 63 are to be constructed in Phase 3.
No significant issues have arisen during the regeneration project to
date.
2. Current Position
Land Value
2.1 As the 'end use' of the land is for the delivery of affordable housing,
the land is given an affordable land value (as opposed to a market
land value). The District Valuer is commissioned to identify the
affordable land value.
105