Ryde Neighbourhood Board has explained why it unanimously decided not to pursue the purchase of the former Ryde Town Hall and Theatre, saying the move would expose public money to an unacceptable level of financial risk.
The decision was made at a meeting held last Friday (24th July) following months of investigations into the viability of acquiring the landmark building as previously reported by Island Echo.
The Board says members considered a range of information before reaching their decision, including updated condition reports, an independent valuation and expert advice on the likely costs and long-term liabilities associated with taking ownership of the site.
Those findings were presented to members in a confidential due diligence report.
Rachael Randall, Interim Chair of Ryde Neighbourhood Board, has said:
“It is not a decision we have taken lightly. We know how much affection there is for this historic building and understand the strength of feeling within the community to see it restored and brought back into public use.
“To ensure we reached a fully informed decision, the Board commissioned updated reports on its condition, obtained an independent valuation and sought expert advice on the likely costs and long-term liabilities associated with a purchase.”
The report concluded that purchasing a building whose full condition is not yet understood, and without a viable plan for its repair and future use, would represent a high-risk strategy.
Ms Randall added:
“Whilst we share the community’s aspirations for the building, the information available to us indicates that acquiring it at this stage would present a significant financial risk.
“With the full extent of its condition uncertain and without a clear and viable funded plan for its restoration and future use by the community, we do not believe it would be responsible to commit valuable public funds to its purchase.”
Despite ruling out an acquisition, the Board says it remains supportive of efforts to see the former Town Hall and Theatre restored and brought back into public use.
Ms Randall said the Board would welcome any future proposals supported by a fully costed and viable business plan, adding that members would continue to monitor developments surrounding the building and remain open to reviewing any such proposals brought before them.
