Decision - Somerset House Studies - Final Stage Space | Westminster City Council
Decision details

Decision - Somerset House Studies - Final Stage Space

Decision details

Somerset House Studies - Final Stage Space

Decision Maker: Cabinet Member for Economic Development, Education and Community

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: Yes

Decision:

Recommendations

The Cabinet Member was asked to approve:

·         The submission of a deed of variation which re-profiled spend from the Marylebone Flyover to the Somerset House Project.

·         The transfer £250k of NHB funding currently allocated to Marylebone Flyover to Somerset House in the form of a conditional grant.

Reasons for Decision 

1.            The report proposed support needed for affordable space for start-up businesses. This would:

·         Continue to address the market failure of lack of affordable and flexible space for start-up businesses.

·         Support socio-economically disadvantaged residents who had entrepreneurial aspirations

·         Retain and enhance Westminster’s creative and cultural skills base

·         Create new jobs through increased business survival rates in start-up businesses, attract new start-up businesses to locate and stay in Westminster and add to the vitality of the local economy.

2.            The proposed approach was similar to enterprise space created previously by Somerset House Studios, which had effectively supported entrepreneurs. The model had been compared with other local authority supported enterprise spaces and was found to secure significant economic impact and value for money.

 

3.            In 2017, a feasibility study was completed for the conversion of Marylebone Flyover into an enterprise space. The study found that the amount of space created was too small to make a viable business case. As a result, the team had explored alternative projects that delivered the outputs required by the New Homes Bonus funding agreement and which can use investment before the deadline to return any unspent funds – the end of this financial year. The final phase of Somerset House meets these objectives and delivers the project outputs within the required time frame. The reallocation of funding had been discussed with the GLA, the original funders, and they were in agreement in principle of the Deed of Variation set out in Appendix C. 

Publication date: 09/08/2018

Date of decision: 09/08/2018

Effective from: 17/08/2018

Accompanying Documents: