Decision details

Purpose of Report: To outline the option to purchase an "off-the-shelf" development opportunity from a developer. The completed 14 apartments, built to Code for Sustainable Homes Level 4, would be bought through the HRA investment fund and Right to Buy receipts or HCA grant and added to the council housing stock for downsizing. The purchase price would be paid through staged payments during the build period.

Members are asked to approve the purchase of 14 apartments for used as council housing at the price identified in the report.

Resolved:  That Cabinet agree Option 2, to approve an ‘off-the-shelf’ purchase of the Pack of Cards development for new council housing at Code for Sustainable Homes Level 4, subject to the satisfactory conclusion of due diligence, to be funded from the Housing Revenue Account  investment fund, affordable housing commuted sums, and Right to Buy receipts.

Reason: To allow the council to add 14 new homes to its existing asset base and help to alleviate the acute housing need in the city, through an opportunity that does not require the use of any of the council’s land assets.