Purpose

To approve the acquisition of a property in
Bairstow Close, Borehamwood for the sum set out in the Part 2
report and to seek approval to proceed with the purchase and
subsequent conversion works.

Content

Decision
 
RESOLVED that
Cabinet:

1.    
Approved the
acquisition of the property identified, and for the price stated,
in the Part 2 report later on the agenda, subject to satisfactory
valuation and legal due diligence.

2.    
Authorised
officers to undertake conversion works as set out in the Part 2
report.

3.    
Approved the
application of Local Authority Housing Fund (LAHF) grant funding
towards the purchase.

4.    
Authorised the
Head of Asset Management & Engineering Services and Chief
Finance Officer in consultation with the Portfolio Holders for
Asset Management, Finance & Budget and Housing & Housing
Development to agree detailed sale terms on the initial acquisition
but also the subsequent sale based on red book value for affordable
rent.

5.    
Noted that the
sale proceeds from the completed units would replenish capital
receipts.
 
Reasons for
decision
 

1.    
The acquisition contributed
directly to the Council’s objective of increasing the supply
of larger family homes and affordable housing within the
borough.

2.    
The use of Local Authority Housing
Fund (LAHF3) grant significantly reduced the Council’s net
capital investment, maximising value for money.

3.    
The purchase price represented good
value relative to the independent valuation.

4.    
The property was well maintained,
required only moderate works to achieve separation into two units,
and presented a low level of refurbishment risk.

5.    
The proposal supported the
Council’s Housing Strategy, Asset Management Plan, and wider
corporate priorities to make best use of available funding and
assets for community benefit.
 
Alternative Options
Considered
 

1.    
Do Nothing: Not acquiring the
property would have resulted in the loss of an opportunity to
deliver two additional family-sized homes within the borough,
partly funded by external grant. This would have reduced the
Council’s ability to utilise available LAHF funding within
the required timeframe and limit progress against housing delivery
targets.

2.    
Acquire and Retain as a Single
Dwelling: Retaining the property as one home would not have made
best use of the accommodation or available grant funding and would
have offered limited flexibility in meeting housing needs.
Conversion into two units provided a more efficient and sustainable
long-term use.