To accept the Royal Institute of British Architects (RIBA) 2 appraisal report in respect of the delivery of Student Accommodation at Blackfriars St and Venns Lane and to note we do not intend to take this project further forward at this time.

That:

a) The advice issued in the RIBA2 appraisal report for delivery of Student Accommodation at Blackfriars St and Venns Lane is accepted; and

b) The Council does not to proceed with RIBA3 and the project is not progressed further at this time

1.     The Cabinet could decide to proceed with this project. However the feasibility study has identified a significant financial viability gap, and there is no confirmed demand for further student accommodation at this time. This option is not recommended.

2.     The land could be made available to the higher education providers to develop the facility with the council taking the capital from the sale of the land. However, it is not considered that the stakeholders have the resources, the capital or the capability to do this. This option is not recommended.