Purpose

1.This property is the remaining HRA property in the allocated block.
The remaining properties above are leaseholder(s). To then consider selling property as leasehold then recommend to all leaseholders to purchase the freehold. (Acquisitions Right to Buy and Buy Back and Disposals policy).
2.The property will above standard void works. To complete Health and Safety rating system hazards or asbestos containing materials that require a high level of ongoing management in conjunction with extensive works to comply with Decent Homes provision i.e. installation of a gas central heating system, rewiring, new kitchen, bathroom, windows to meet the empty homes standard.
3.This property was built in 1938 due to the location is expected to command an average market value if sold and DBC will be able to relinquish the leaseholder responsibilities.

Decision

To dispose of the HRA property and then to consider selling the leasehold to the remaining leaseholders

Alternative options considered

Option 1 -
This property has an estimated valuation of £240,000.
It is a 2 bedroom first floor flat. Estimated costs required to bring it up to the lettable standard are £53,807.85, including a new kitchen, new bathroom, rewire, heating upgrade. Please note these costs do not include asbestos removals if this is required it is estimated to be a further £3,000.00 and garden clearance which has been estimated at £3000.
Rent loss to date has been £41,238.70 which has not been included in the costs to bring the property to standard.