Issue - meetings

This report sets out details of an opportunity identified by the Housing Revenue Account business plan for a £20m investment fund for new affordable housing. This relates to the possible acquisition of14 new apartments proposed to be built on the site of the former Pack of Cards Public House, Acomb for a council housing down-sizing scheme.

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.

Members considered a report which set out details of an opportunity which had arisen for the Council to acquire 14 new apartments to be built on the site of the former Pack of Cards Public House in Acomb.

An analysis of the council’s housing stock had shown that there were a number of under-occupied properties, many occupied by the elderly. It was therefore intended that the apartments would be prioritised for down-sizers in order to release much needed family housing.

The purchase would be funded from the Housing Revenue Account and the properties built to a Code for Sustainable Homes Level 4 in order to achieve a reduction in carbon emissions and savings in running costs.

The Cabinet Member referred to the lengthy marketing of the site as a development opportunity following no interest being expressed in the public house as a business. She expressed her support for the unique opportunity the site offered which would free up family housing.

Consideration was given to the following options:

Option 1- To approve an ‘off-the-shelf’ purchase of the Pack of Cards development for new council housing at Code for Sustainable Homes Level 3, subject to the satisfactory conclusion of due diligence.

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.

Option 3 - To reject the opportunity to purchase new council housing at the Pack of Cards development, with the Housing Strategy and Development Team attempting to broker a deal with partner housing associations to purchase the completed homes.

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. ^1.

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.