Decision details

The council was offered the opportunity to purchase 2 Limerick Close, Ipswich, IP1 5LR an ex-local authority property. This is a voluntary Buy Back.

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 £170,000 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.

To purchase 2 Limerick Close Ipswich IP1 6LR for a purchase price of £170,000.

Reason:

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