Wirral Council is due to accept the housing provider’s reduced offer of £1.2m, down from £2.1m, for the grade two-listed Ravenswood House after the building was damaged by fire in March.
The council concluded that the benefits of Torus Homes’ proposed redevelopment of the site into 186 homes outweigh the reduction in capital receipts, according to a council report.
Ravenswood House is part of the former Rock Ferry High School. Torus has planning permission for an 186-home scheme, comprising 102 extra care homes, 19 shared ownership homes and 65 homes for affordable rent.
The developer originally agreed to pay £2.1m to acquire the property to enable it to bring forward the proposed scheme, and appointed Anwyl as lead contractor earlier this year on a £25m contract.
Ravenswood House, listed in 2012, is the only structure left standing on the 20-acre site of the former Rock Ferry High School that was demolished in 2016. The building itself is due to be converted into eight extra care apartments under Torus’ proposals.
However, in March, around 20% of Ravenswood House was damaged by fire. The fire damage has resulted in an increase in refurbishment costs, prompting Torus to reduce its offer for the site.