Issue details

The council was offered the opportunity to purchase 68 Shetland Close Ipswich, an ex-local authority property. This was a Statutory 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 £240,000 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.