We've been working hard to challenge the myth that the only financially viable scheme for Heath Barn is a residential development.

 

Please click on the PDF which includes the costs involved to converting to 5 residential plots, as per HCC plans and generous estimates around the selling price of those individual plot values. A residential scheme which would involve bringing the building up to the standard of modern housing would have estimated up front renovation costs of £2million, compared to our community scheme which works with the current layout and fabric of the building. The residential scheme is therefore unprofitable to a developer and would require significant more units to be profitable, meaning the current scheme is being made under false assumptions of viability. 

 

For the community scheme, we have estimated up front costs of £525k with future expenses accounted for over a 20 year pay back at 58% capacity. There could also be more flexibility around this if we were to receive pledges from the public or numerous funding organisations specific to the arts, community or heritage.