Statement from Ryde Neighbourhood Board regarding the former Ryde Town Hall
Rachael Randall, Interim Chair of Ryde Neighbourhood Board said: “At its meeting on Friday 24 July, after carefully considering all the available information, members of Ryde Neighbourhood Board unanimously decided not to pursue the acquisition of the former Ryde Town Hall and Theatre.
“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, which was presented in a confidential due diligence report to the Board. All of this was carefully considered, particularly the conclusion which stated:
“Expert opinion cautioned that acquiring the building whose condition is not fully understood and without a viable plan for its repair and re-use is a high-risk strategy.”
“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.
“We remain hopeful that a sustainable solution can be found. We would be delighted to see the building restored and returned to public use by an individual or organisation able to secure its long-term future and we will continue to follow any developments with great interest and remain open to reviewing any future viable costed plan bought before the board.”
