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Council expected to approve £39m for new homes and workspace

Council expected to approve £39m for new homes and workspace

Published by Sarah Yeoman at 5:40pm 12th June 2019.

By Richard Whitehouse, Local Democracy Reporter

Cornwall Council’s Cabinet will be asked to approve plans to spend £39million on building new homes and workspace.

The Cabinet meets next week and will be asked to support the planned projects which are part of the council’s Cornwall Investment Programme.

Under the proposals the council is looking to build more new homes in Bodmin and workspace in Falmouth and Newquay.

Cornwall Investment Programme is a major scheme of works that the council is undertaking and could potentially be worth up to £600m. The council has currently allocated more than £230m to the programme.

The Bodmin housing scheme is for 100 homes to be built on a council-owned site. It will provide 50 homes for private market rent, 40 affordable homes and 10 private sale. The homes are expected to be ready in 2021.

In Newquay the council wants to build 3,530 sq m of workspace which it says could provide an extra 100 jobs. Construction is due to start in 2020.

The development would provide six units in two buildings along with car parking space. A report going to the Cabinet says it would be industrial/warehouse space which it says is in demand.

The Falmouth scheme is to provide 1,500 sq m of office space – an increase on initial plans to build 1,000 sq m of space.

Under the business case the council is looking to buy a freehold site and provide the office space which will be pre let to an expanding Falmouth business.

Building work is set to start in 2020 and will be completed in 2021.

Under the Cornwall Investment Programme the council has set a target of schemes providing a financial return of 3.5%.

The report to Cabinet indicates that the Bodmin housing is expected to generate a return of 4.4%, the Newquay workspace 6.35% and the Falmouth workspace 5.78%.

Business cases for all three projects have been provided to the Cabinet but are confidential and have not been made public.

Cornwall Council’s Cabinet will meet next Wednesday (June 19) to discuss the proposals.

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