Purpose

The report sought approval to
purchase an additional 11 homes in Thanet District Council’s
Housing Revenue Account. The Council has reached a strategically
sound deal with developer BDW, with whom it has worked previously
to acquire the homes. This paper sought approval to proceed with
the acquisition.

Decision

Cabinet
agreed the following:
 
1. 
That the Council progresses with the acquisition of
the 11 homes at an acquisition price of £1.44m.

Reasons for the decision

Purchasing the 11 properties at
Tothill Street, Minster, will enable the Council to increase its
housing stock further and provide additional homes that, through a
local lettings plan, can help with the allocation of properties to
those registered on the housing register and also households
currently in temporary accommodation who are ready to sustain a
long-term tenancy.

Alternative options considered

The Council could choose to not
pursue this acquisition as it is already taking 24 homes on an
earlier phase of the site, previously agreed by Cabinet in December
2023. However, the fact that the Council has secured assets in the
area already means that management and maintenance will be simpler
through having a presence in the area already.
 
The Council could ask the
developer to consider an alternative mix of homes or different
tenures - however the need for affordable rent is apparent now.
Therefore, this mix is the most relevant to the needs clearly
demonstrated. Furthermore, the Council is set up to manage
affordable rent dwellings rather than home ownership units at the
present time.
 
The Council could wait for
longer to see if a registered provider (RP) would make an offer for
the properties. However, RPs have yet to come back to the market
and developers continue to look to the Council as a trusted
delivery partner to get their sites away.