Decision details

An offer for the property 66 Walton Drive was made to Redbrik estate agents who were acting on behalf of the vendor on Monday 9th September 2019. The property is a large three double bedroom former council property.
The offer was made after carrying out a survey and valuation of the property. The estimated value of the works required to the property is expected to be £10,000 to £12,000. The valuation estimated the refurbished value of as being £115,000 to £120,000.
An offer of £100,501 was made and accepted by the vendor and details of the legal contacts for each party have been exchanged.
The price agreed is over the limits within the current Strategic Acquisitions Policy (prior to amended Policy going to Cabinet in October 2019) as set out below:
•The maximum price payable for a property will not exceed £90,000 (to increase by inflation (now approximately £96,000))
Agreement is sought from Finance and Performance Board under the delegation:
Finance and Performance Board and Land Disposal Group
OFFICER DELEGATIONS: To the Chief Executive, an Executive Director or the Director of Finance and Resources:
G275D Notwithstanding any other delegations in Part 3, after consultation with members of the Finance and Performance Board to approve the acquisition and disposal of land of a value of up to or exceeding £250,000.
The purchase of the property will help meet the Council Plan Objective 2019-2023 to build or acquire a minimum of 100 new Council Homes by 2023.

To purchase 66 Walton Drive for £100,501

Option 1 - To purchase 66 Walton Drive for £100,501
Option 2 - To seek alternative properties to purchase under the strategic acquisitions policy