Cabinet agreed the
following amended recommendations:
- Approved the acquisition of the
freehold and leasehold interests in three properties (A, D and E)
outlined in the confidential appendix.
- Approved the re-profiling of the
approved Capital programme to ensure sufficient resource is
available within the year to purchase the proposed
acquisitions.
- Delegated authority to the Cabinet
Member for Finance and Council Reform, following consultation with
the Executive Director of Finance and Resources, to take the
decision on whether to acquire the freehold and leasehold interests
in the properties B and C outlined in the confidential appendix,
subject to satisfactory completion of further due diligence.
- Delegated authority to the Executive
Director of Finance and Resources, following consultation with the
Cabinet Member for Finance and Council Reform, to agree the
terms of the purchase contracts, following due diligence, including
agreement on the final price of each acquisition.
Reasons for
Decision
The Council has a statutory obligation to
provide housing for those in housing need. Purchasing units for
temporary accommodation use helps the Council to meet increasing
demand from homeless households by providing a ready supply of
high-quality accommodation and provides a secure base for
residents. By investing in these assets, the Council is also less
exposed to shortages, fluctuations in rent costs in the private
market and the use of hotel accommodation due to the current surge
in demand.
Implementation Date: 24 December 2024