Decision - Housing Supply and Asset Management Plan

This report seeks approval to a new Asset Management Plan to support the strategic management of the council's commercial and operational properties and land and presents an update on potential acquisitions. There are further recommendations to support delivery.

1)             Cabinet approves the Asset Management Plan and the financial targets within the plan (£50m capital receipts by 2030 and a 25% reduction in the Council’s operational property maintenance costs).

2)             Cabinet agrees to the appropriation for housing purposes or disposal of the properties identified at paragraphs 3.7 to 3.23 of this Part 1 report together with the further properties set out in Part 2 report in the manner set out in this report. 

3)             Cabinet agrees that the priorities for the City Downland Estate are considered as part of the capital programme and the proceeds from disposals of properties in the City Downland Estate are used to fund these priorities or any other priorities based on the council’s Corporate Plan. 

4)             Cabinet agrees to the purchase of 8 flats at Freehold Terrace, Brighton, BN2 4AB on a freehold basis for a sum to be negotiated up to the maximum set out in Part 2 report.

5)             Cabinet agrees to the purchase of 5 flats at Beech Grove, Brighton, BN2 4TN on a freehold basis for a sum to be negotiated up to the maximum set out in the Part 2 report.

6)             Cabinet agrees to the purchase of 6 flats at Vaughan Williams Way, Rottingdean BN2 7GB on a freehold basis for a sum to be negotiated up to the maximum set out in the Part 2 report.

7)             Cabinet approves an HRA capital budget of £4.749m inclusive of all fees and statutory taxes to be funded by HRA Borrowing and commuted sums for the purchase of the above properties.

8)             Cabinet delegates authority to;

·       Director Property & Finance in consultation with the Director Governance & Law and the Cabinet Member for Finance and City Regeneration to approve terms and take any necessary steps to facilitate and complete the appropriation for housing purposes or disposals of the properties at the best consideration reasonably obtainable identified at paragraphs 3.7 to 3.23 and in the Part 2 report. 

·       Corporate Director Homes & Adult Social Care in consultation with the Cabinet Member for Housing & New Homes to take the steps necessary to agree and complete: (a) the purchase of the 19 flats on the terms set out in the Part 2 paper and (b) any other relevant ancillary legal and financial documents necessary to deliver the project and give effect to recommendations 2.4-2.6.

9)             Cabinet delegates authority to the Corporate Director Homes & Adult Social Care to take the steps necessary to agree future acquisitions for the supply

      of affordable housing in consultation with:

·       the Cabinet Member for Housing & New Homes, for acquisitions with a value between £500k and £3 million.

·       the Cabinet Member for Housing & New Homes, the Cabinet Member for Finance and City Regeneration and the Director for Finance and Property, for acquisitions with a value between £3 million and £10 million.

10)          Cabinet approves £10 million of capital receipts to be ringfenced for the provision of temporary accommodation.