Decision details

OD/20/60 Decision to Purchase 116 Vernon Street Ipswich

Decision Maker: Officer Decision

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

 

The council was voluntarily offered the opportunity to purchase 116 Vernon Street Ipswich, an ex-local authority property.

 

A full inspection of the property was carried out and Officers considered comparable evidence to form an opinion of Market Value. A viability assessment was subsequently completed, which was considered satisfactory by Officers.

 

The purchase price negotiated and agreed of £70,000 is considered to be the Market Value for the property.

 

The Corporate Plan sets out objectives for the Council to increase its Social Housing stock. Priority 5 – Quality Homes for All sets out that the officers will seek out new Council homes by identifying sites and opportunities, such as this.

IBC Finance team were consulted and funds for the purchase were available in the Property Acquisitions Fund.  

 

Decision:

Decision

To purchase 116 Vernon Street for a purchase price of £70,000

 

Reason

To acquire property for social housing, in accordance with Priority 5 of the Ipswich Corporate Plan.

Publication date: 23/12/2020

Date of decision: 23/12/2020

Accompanying Documents: