UK: Plans for the Roman Quarter mixed-use scheme in York, which include an 88-key aparthotel, have been branded financially unviable by Stannybrook Property Consultants Ltd.
Stannybrook was commissioned by City of York Council to conduct an independent financial viability assessment review (FAVR) on the development ahead of planners considering a revised planning application. An initial application was refused last year.
The project would involve the demolition of Northern House, Rougier House and Society Bar and Lounge in Rougier Street and the construction of a Roman museum called Eboracum, an 88-room aparthotel, 153 new apartments and office space. Both the aparthotel and the apartments would be managed by Beyond Apartments & Aparthotels.
The report by Stannybrook says: “It is clear that the proposed development, even without any Section 106 contributions, is financially unviable to deliver.”
Paul Ellis from developer North Star, rejected the report’s findings, saying: “Traditional development viability reports are based on shorter term development exits – ie the sale of the property upon completion. Whereas on this project York Archaeological Trust are taking a long term lease and we have decided to retain the property for the long term. Remember we have owned this property now for over five years and committed over £1 million on planning. We are very much committed to delivery and retention and to the future of York.”
