REFURBISHMENT work on the block of six flats at 2 Market Street, carried out with the help of funding from the Scottish Government’s Town Centre Regeneration Fund (TCRF), has now been completed leaving the flats ready for new tenants.
The flats, part of a Category B listed building, were one of the largest projects carried out using funds from the TCRF as well as funding from the Townscape Heritage Initiative.
The buildings were in relatively poor condition when acquired by the council. However a sympathetic refurbishment has now been completed, bringing the flats up to modern standards whilst retaining, where possible, many of their original features.
Now the work is complete, the process of finding tenants for the buildings has commenced. However, due to a clause within the legal agreement for the TCRF, letting of the refurbished properties must be done on long-term leases for a period of six years following the completion of the works, meaning letting the properties by Angus Council’s housing division cannot take place as they are required to grant Scottish Secure Tenancies.
To ensure the flats are occupied, the council has held discussions with Angus Housing Association with the hope of agreeing a leasing and subletting agreement, which the association has indicated they would be prepared to do for all six flats via its subsidiary Musselcrag Limited, with the flats then being sub-let on Short Assured Tenancies (SATs) at affordable rents to individual households in housing.
Members of the committee are recommended to agree the move to allow the directors of the Neighbourhood Services committee and corporate services committee to conclude the lease agreement with Musselcrag Limited.
The lease, if agreed, would run for six years, with the option to renew at the end of that period, and will generate an income of around £33,700 for the council’s housing revenue account.