Issue - meetings

The Portfolio Holder (Environment and Economic Development) introduced the report as detailed in the agenda, and the Economic Development Manager provided a presentation giving a brief history of the site and concept, achievements to date and examples of some of the tenants and types of businesses now operating from the centre. The presentation included highlights about:

·         Occupancy rates and the 4-year criteria regarding ‘churning’ was becoming more relevant

·         Tenant satisfaction

·         Project outputs, job creation and financial projections

·         Making a profit since 2013 and now recovering our earlier losses

·         Proposals for a phase 2 in the future

In response to comments raised during discussion, the Economic Development Manager noted that:

·         The team were assessing the wider impact on the local economy of the businesses based at the centre.

·         The rental space at the centre was not subsidised, and had been set independently by the District Valuer with rental values reflecting the higher end of the Yeovil rental market.

·         With the exception of the anchor tenants, tenants were not leaseholders but held a licence on a rolling 28 days basis. Businesses could give just 28 days notice and leave.

·         Superfast broadband was available at the centre and business support provided for the tenants where required.

·         SSDC Property Services had compiled the maintenance plan and schedule for the building and so there should not be any surprises for maintenance work required.

Some members expressed the concern that there was a need for similar workplaces in centres outside of Yeovil. In response, the Interim Chief Executive noted there would be a meeting shortly to discuss the issue of workspaces across the district.

At the conclusion of debate, members were content to approve all recommendations.