During 2016 and 2017, Regenerus has invested in considerable research to further investigate the potential of developing Carnegie-Crosby.
Additional exploration surveys were completed, resulting in a more detailed assessment of the necessary works required to bring the Carnegie-Crosby back into use, including the anticipated costs of landscaping, additional internal fittings and a reappraisal of the structural cost estimates to bring these up to date. The financial investment required for capital refurbishment is significant, reaching in excess of £1.5 million.
The initial business plan for the Carnegie-Crosby third space was reviewed, assumptions revisited and challenged and the projections revised to reflect a realistic and prudent forecast.
This work was done using funding from Regenerus reserves and from the Heritage Lottery Fund.
Following extensive consultation and the production of a strategic review and recommendations, Regenerus Board Members decided that to establish a sustainable community resource, which responds to the needs expressed by the community, will be extremely challenging, as there is limited evidence of the potential to generate adequate trading income to support ongoing running costs, or to indicate that the project can achieve self-sustainability as a community resource.
As an organisation, Regenerus has become more resilient as a result of the Heritage Lottery Fund grant, in that the Board have strengthened their business skills and made this evidence-based decision in an informed manner, considering the results of the research, assessing the long-term viability and sustainability of the project idea and being confident in their decision to withdraw from the project.