Purpose

The council was offered the opportunity to
purchase 7 Homer Close Ipswich, an ex-local authority property.
This was a voluntary buy back.
 
A full inspection of the property was carried
out and Officers considered comparable evidence to form an opinion
of Market Value. A viability assessment was subsequently completed,
which was considered satisfactory by Officers.
 
The purchase price negotiated and agreed of
£190,000 is considered to be the Market Value for the
property.
 
The Corporate Plan sets out objectives for the
Council to increase its Social Housing stock. Priority 5 –
Quality Homes for All sets out that the officers will seek out new
Council homes by identifying sites and opportunities, such as
this.
 
IBC Finance team were consulted and funds for
the purchase were available in the Property Acquisitions Fund.

Decision

To purchase 7 Homer Close Ipswich for
£190,000.
 
Reason:
To acquire property for social housing, in
accordance with Priority 5 of the Ipswich Corporate Plan.