Issue details

OD/19/130 Purchase of 174 Vernon Street

The council was voluntarily offered the opportunity to purchase 174 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 £72,500 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 type: Non-key

Decision status: Recommendations Approved

Wards affected: Bridge;

Notice of proposed decision first published: 27/04/2020

Decision due: 21 Apr 2020 by Officer Decision

Consultees

Internal Consultees:

Portfolio Holder for Property

Portfolio Holder for Housing

Head of Development

Operations Manager Tenancy Services

Operations Manager Housing Advice

IBC Finance

Decisions

Documents