Asset Strategy – London Borough of Tower Hamlets

One Consulting Group were appointed to develop an options appraisal for two Council sites that had historically been used by third sector organisations. The building management had been outsourced to not for profit organisations and the options appraisal was to take in to consideration the following:

  • Development of a model that supports residents, small businesses and community groups
  • Producing income and a sustainable business model
  • Preservation of a building of significant local importance
  • Creation of space that is available for hire
  • Day to day management options
  • High level construction cost estimates

The final options appraisal presented to and approved by the Executive Mayor set out a proposal that would deliver the following:

  • The refurbishment small serviced office spaces and creation of new workspace for in excess of 40 people and 2 new event spaces for up 100 people
  • New revenue income in excess of £300k for the Council
  • Delivery of up to 7 residential units
  • Relocation and delivery of new Registration Headquarters, new café and 2 new ceremony rooms at Grade II listed building
  • Release of under performing asset and new revenue income of £100k per annum
  • High level construction cost estimates

Both opportunities were taken forward and are in the process of construction.