Sale of town house will help to fund council's plan to redevelop complex
PUBLISHED: 09:00 26 December 2018
A sheltered housing scheme in Saffron Walden will undergo redevelopment at a cost of £1.7million.
The redevelopment of Walden Place will be funded and managed by Uttlesford District Council (UDC).
The sheltered housing currently consists of a four-storey Grade II-listed Georgian town house containing three flats and communal facilities, and attached to the house are 26 purpose-built sheltered housing flats that were built in the 1980s.
The council is proposing to separate the Georgian house from the 1980s sheltered housing scheme due to high ongoing maintenance costs of some £23,000 each year.
UDC says it has £800,000 for the project in its housing revenue account and, therefore, the council will need to borrow £1million, which will be repaid by selling the Georgian house.
New purpose-built communal facilities and three new sheltered flats or bungalows will be constructed to replace those in the house.
The officer’s report setting out the plans says: “Apart from the re-provision of as much sheltered housing accommodation as possible, the other key driver for this redevelopment project is to provide a modern, fit-for-purpose replacement community facility that can be used by the residents and the community.”
The concept designs have been considered by UDC’s quantity surveyor who has estimated that the redevelopment costs will be in the region of £1.7million - excluding costs for the redevelopment of the Georgian house.
The council says the key element to financial viability of the whole project is to maximise the future value of the Georgian house and it has been in touch with property agent Savills.
Savills believe the best use of the house would be to convert it in to six apartments and it expects the sale of the house, once separated from the new sheltered housing scheme and before refurbishment, would achieve at least £1.1million.
The intention is for the loan of £1million to be repaid in full once the house is sold - this is dependent on UDC achieving the current estimated sale price of £1.1million.
Tenants have already been relocated from the part of the building where separation works will be made and the last remaining tenant in the Georgian house will be relocated in January.