Torfaen County Borough Council
To undertake an economic and social impact assessment to determine the value for money of proceeding with the renovation of a Grade II listed heritage property in Pontypool Town Centre.
The project required a detailed Economic and Community benefits assessment and end use valuation of the proposed renovation of the Grade II listed, conservation area located property at 35b Commercial St as part of the Welsh Government funded Vibrant and Viable Places regeneration programme for Pontypool. The assessment and valuation was concluded following a detailed review of all existing documentation and a series of discussions with project stakeholders regarding the condition of the property and outline options for its potential future use. The economic and community benefits assessment was undertaken using recommended standard appraisal techniques including the Treasury Green book approach. The study examines the building and the various options for its reuse proposed by stakeholders. All of these options included redevelopment of the first and second floors of the property as 10 one bedroom flats for rent by social housing tenants. Four options for alternative uses of the ground and basement floors were assessed and the resulting benefits of summarised. The various options potentially involve different stakeholders and all provide varied benefits that meet the wider regeneration objectives of the 21st century Pontypool VVP programme The study calculates the Conservation deficit resulting from the highest end use valuation option representing the difference between the proposed costs of renovation and the potential value on completion. Comparison of the proposed renovation costs with other similar heritage project are also included. The methodology used for calculating the economic and community benefits ARE summarised as well as the resulting cost / benefit ratio for each option.