Decision details

(i)  To negotiate and acquire by agreement any legal interests in the  properties listed at Confidential Appendix 2 and not held by the Council

(ii)  To delegate authority to Head of Property and Procurement to negotiate final terms and to undertake such ancillary action as necessary in order to exchange contracts for the purchase of the property with vacant possession

(iii)  To authorise the Solicitor to the Council to enter into any legal documentation necessary in respect of the purchase and any ancillary action to facilitate the purchase.

(iv)  To hold the acquired properties within the Housing Revenue Account pending future estate regeneration.

(v)  To reduce the uncommitted provision in the 2012/2013 HRA capital programme for “Future Estate Regeneration schemes” by the sum specified in Confidential Appendix 1 and to add a scheme to the 2010/2011 HRA capital programme for the “Acquisition of properties”  for the same value

(vi)  To approve, in accordance with Finance Procedure Rules, expenditure in 2010/2011 in the sum set out in the Confidential Appendix 1 for the acquisition of properties.

This report seeks authority to acquire, where terms can be agreed, parcels of land which it would be desirable to incorporate within the potential regeneration sites now where Cabinet has given approval for consultation with residents to ensure these opportunities are not missed.  These properties may be let out on a short term basis providing the Council with a fairly modest rental income pending site redevelopment, care would be taken not to enter into any letting agreements that would result in the tenants obtaining security of tenure. 

1. Not acquiring the properties now

This would delay potential site redevelopment, and raise the costs of development if they were to be acquired in the future, especially if this could not be done through agreement.  There also exists now the opportunity to acquire these properties through agreement which officers consider would be best taken.

2. Not acquiring the properties at all

This would not make the best potential of future estate regeneration.