Institution news
Earlier this year we ran an indicative poll to hear voting members’ views on a range of options about the building, which is over 120 years old and in need of extensive repair and refurbishment.
The option which attracted most widespread support from members was to sell a long-term lease of 3 Birdcage Walk to fund the refurbishment of 1 Birdcage Walk, where the Library, Lecture Theatre and most member-facing facilities are located.
Following a debate in Council which raised concerns about the depth of analysis done to date, the Institution set up a Working Group to examine how our HQ requirements fit with the now published high-level, long-term strategy.
The Group is chaired by Past President Patrick Kniveton, and includes members of Council, Trustee Board, the Risk and Audit Committee as well as CEO Dr Alice Bunn OBE and Finance and Commercial Director Sean Fox.
Dr Alice Bunn said:
“The future of Birdcage Walk is a major decision for the Institution and whilst that decision is urgent it is essential that all financial angles are thoroughly scrutinised for the long-term sustainability and future needs of our members.”
Patrick Kniveton said:
“The Group is looking thoroughly at all options against broad criteria, including strategy, affordability, financial projections, asset value, risk, member and staff needs, future influence and income generation.”
Members of the Group recently visited Birdcage Walk to review the condition of the building and it is clear that some repair work is urgent. The consensus of the Group is that doing nothing is not an option as the building will soon need extensive work for us to continue to be able to use it.
We are seeking updated valuations for Birdcage Walk site as a whole and its component parts as the valuations we have are two years old, dating back to when the project to review the future of the building was restarted. Much has changed in the interim.
We are also commissioning an updated report on the physical condition of the building to ascertain which repairs are urgent and their likely cost.
The Group is planning to issue its report on the options for our HQ in the autumn, and we will be disseminating its conclusions to members. Any decision involving a sale of all or part of the Birdcage Walk property, would need the approval of two thirds of voting members.
The latest work on the future of Birdcage Walk was started in 2019 with the formation of the Real Estate Strategy Group whose valuable work led to the development of options for the building.
For more information about the Birdcage Walk project, please visit www.imeche.org/bcw You can find out more about the Working Group in the supporting information section in the lower part of the webpage.
If you have any questions, please contact us at BirdcageWalk@imeche.org