Purpose

1.1 To
consider the acquisition of Medway Court from LiveWest which is now surplus to their requirements
and is currently vacant. The property consists of six no 1 bed
self-contained flats with a single office to the ground floor and a
storage area to the first floor, parking to the front and hard
landscaping area to the rear.

1.2 LiveWest presented the opportunity to the Councils Strategic Housing
Enabling team who support this acquisition as it provides much
needed 1 bedroom accommodation where there is strong demand for
this type of accommodation.

1.3 The
Housing and Empty Homes Team are in support in acquiring this one
bedroom self-contained accommodation as there is currently 375 one
bed applicants registered who have given Whaddon as an area of preference. There are 1431
one bedroom applicants registered for accommodation in the Borough
of Cheltenham. The property is also located within an area whereby
we already own and manage homes and communities.

1.4 The
property at Medway Court would have been building regulation
compliant at the time it was constructed. Any works required to
bring the accommodation to EPC C has been built into an 80-year
capital expenditure profile and will be included within the
financial appraisal.

1.5 The
technical and investment team within the Council have undertaken an
initial survey of the property and have included a works
allowance  for fire door replacement
they also consider the property to be in good condition and would
be beneficial addition to the housing stock.

1.6 Cheltenham Borough Council have pre-emption rights of first
refusal should this property be disposed of, and so the Council has
been approached to gauge our interest in acquiring the property. If
the Council do not pursue this opportunity there is the risk of
this affordable housing being lost to the open market if another
housing provider does not consider this opportunity.

1.7 The
budget allocation is available for the Council to pursue a range of
new supply opportunities via a range of different mechanisms,
including Section 106 opportunities, with the aim of enhancing the
provision of Affordable homes in the Borough.

Content

1.   
To proceed with due diligence and negotiate the
purchase of Medway Court, Whaddon Road,
Cheltenham including appointment of a residential RICS condition
survey report, RICS independent valuation open market report and
legal review of the title documents and conducting necessary legal
searches and report on title.

2.   
To approve the budget to carry out a residential
condition survey, legal disbursements and RICS open market
valuation report.

3.   
To recommend to Delegate Authority to Director of
Finance and Assets and Cabinet Member for Housing and Director of
One Legal the purchase of Medway Court, Whaddon Road, Cheltenham.