Decision details

To approve the disposal of the property on the open market for a capital receipt and to consider the option of reinvesting the net capital receipt into additional family sized homes in line with the Council’s emerging HRA Asset Management Strategy. 10 Coverdale Road is a vacant residential dwelling within the housing revenue account. The property is a detached property with 6 bedrooms and in need of significant internal redecoration and repair.

(i)         that approval be given to the disposal of the Council’s freehold interest in the subject property on the open market for a capital receipt, which is forecast to be significant given the location and size of the property

(ii)        that the Operational Director of Property and Projects, Regeneration and Growth be authorised to agree the terms of the disposal and the most appropriate disposal route;

(iii)       that subject to approval of the overall capital programme funding position in the Budget Setting Report to be submitted to Members in March 2014, agreement be given to ring-fence the net capital receipt for the acquisition of additional medium-sized family homes for which there is an acute shortage.