Purpose

This report seeks approval to a new Asset
Management Plan to support the strategic management of the
council's commercial and operational properties and land and
presents an update on potential acquisitions. There are further
recommendations to support delivery.

Content

1)            
Cabinet approves the
Asset Management Plan and the financial targets within the plan
(£50m capital receipts by 2030 and a 25% reduction in the
Council’s operational property maintenance costs).

 

2)            
Cabinet agrees to the
appropriation for housing purposes or disposal of the properties
identified at paragraphs 3.7 to 3.23 of this Part 1 report together
with the further properties set out in Part 2 report in the manner
set out in this report. 

 

3)            
Cabinet agrees that
the priorities for the City Downland Estate are considered as part
of the capital programme and the proceeds from disposals of
properties in the City Downland Estate are used to fund these
priorities or any other priorities based on the council’s
Corporate Plan. 

 

4)            
Cabinet agrees to the
purchase of 8
flats at Freehold Terrace, Brighton, BN2 4AB on a freehold basis
for a sum to be negotiated up to the maximum set out in Part 2
report.

 

5)            
Cabinet agrees to the
purchase of 5 flats at Beech Grove, Brighton, BN2 4TN on a freehold
basis for a sum to be negotiated up to the maximum set out in the
Part 2 report.

 

6)            
Cabinet agrees to the
purchase of 6 flats at Vaughan Williams Way, Rottingdean BN2 7GB on
a freehold basis for a sum to be negotiated up to the maximum set
out in the Part 2 report.

 

7)            
Cabinet approves an
HRA capital budget of £4.749m inclusive of all fees and
statutory taxes to be funded by HRA Borrowing and commuted sums for
the purchase of the above properties.

 

8)            
Cabinet delegates
authority to;
 
·      
Director Property
& Finance in consultation with the Director Governance &
Law and the Cabinet Member for Finance and City Regeneration to
approve terms and take any necessary steps to facilitate and
complete the appropriation for housing purposes or disposals of the
properties at the best consideration reasonably obtainable
identified at paragraphs 3.7 to 3.23 and in the Part 2
report. 
·      
Corporate Director
Homes & Adult Social Care in consultation with the Cabinet
Member for Housing & New Homes to take the steps necessary to
agree and complete: (a) the purchase of the 19 flats on the terms
set out in the Part 2 paper and (b) any other relevant ancillary legal and financial documents necessary to
deliver the project and give effect to recommendations
2.4-2.6.
 
9)            
Cabinet delegates
authority to the Corporate Director Homes & Adult Social Care
to take the steps necessary to agree future acquisitions for the
supply
      of
affordable housing in consultation with:
·      
the Cabinet Member for
Housing & New Homes, for acquisitions with a value between £500k and £3
million.
·      
the Cabinet Member for Housing & New Homes, the Cabinet
Member for Finance and City Regeneration and the Director for
Finance and Property, for acquisitions with a value between
£3 million and £10 million.
 
10)         
Cabinet approves
£10 million of capital receipts to
be ringfenced for the provision of temporary
accommodation.