Assessing the development potential of historic buildings ‐ a case study Available to Purchase

Some particular valuation problems are raised by the development of buildings which are protected for reasons of historical or architectural merit. The experience of Plymouth Development Corporation in seeking to secure the regeneration of the Royal William Yard is a case in point. The Corporation was established in 1993 for a period of five years and one of its principal tasks was to find new uses for the former Royal Naval Victualling Yard which contains ten buildings scheduled as ancient monuments. The Corporation prepared a development strategy for the Yard and adjacent areas incorporating improved access and parking and a mixed‐use brief for other buildings. A compulsory purchase order was issued and, following a lengthy public inquiry, it was confirmed. MEPC was subsequently selected as lead developer with the anchor use being a factory outlet centre. Even with MEPC’s involvement there was a need for a significant level of gap funding. At the end of the Corporation’s life, in March 1998, the deal with MEPC has still to be completed and responsibility passed to English Partnerships.