Decision details

To purchase property (with negotiation figure, based upon recommendation of ECC valuer). In addition to stamp duty.

Decision Maker: Director - Bindu Arjoon

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

To purchase property (with negotiation figure, based upon recommendation of ECC valuer). In addition to stamp duty.

Decision:

To purchase property (with negotiation figure, based upon recommendation of ECC valuer). In addition to stamp duty.

Reasons for the decision:

To make best use of the council’s housing assets, increase stock provision and rental income. 

 

This property is a two bedroomed first floor maisonette within a council owned block, and was purchased by the sitting tenant under the Right to Buy.

 

The council has received an offer by the current leaseholder to purchase the property and it has been valued by the Authority’s valuer.

 

ECC wishes to make an initial offer (with a view to negotiating to a maximum value) and purchase the property for the following reasons:

 

  • Our current Asset Management Strategy states that we will dispose of one off properties away from our concentration of stock and reinvest in properties that are located within our current portfolio. This will be more cost effective as these properties will be less costly to maintain operationally. 151a Sidwell Street fulfils the latter part of this strategy.
  • ECC will benefit from the reduced leaseholder obligations
  • Acquiring the property will increase the HRA portfolio and meet rising demand for two bedroomed properties
  • Our staff and contractors are familiar with the archetype for the purposes of effecting repairs and planning programmed works.

 

Alternative options considered:

This is the best option and will seek to streamline the HRA portfolio, reducing operational costs for repairs and planned works.

 

Publication date: 12/03/2019

Date of decision: 12/03/2019