The Iron Duke has been made secure and weatherproof to prevent further deterioration of the building.
Currently the Trust has commissioned a full measured survey, structural advice and a feasibility study and options appraisal to be carried out by a leading heritage and business consultant.
The building repairs required, together with extra interventions such as asbestos removal, have created a significant conservation deficit. This means that the cost of purchase and the cost of repair will be greater than the value of the building in repaired condition.
In this case, GYPT becomes the developer of the last resort, when the market cannot make a viable intervention to repair the building and run it as a sustainable business.
In order for the Trust to obtain funds to repair and secure the future of the building it must first produce a business case which is financially sustainable, to ensure the long-term maintenance of the building. Because this is public money, no funding body will offer grant funding unless viability is secured by the Trust.
The Board of GYPT will consider all options for the Iron Duke to meet these criteria and ensure that any proposal retains the listed building’s special character and appearance.
The Trust does not engage with individuals or social media groups but is willing to speak with bona fide businesses or formally constituted community organisations who are prepared to be subject to due diligence.
GYPT will give a further update in September.
The Board of Great Yarmouth Preservation Trust