Decision Maker: Director of Finance
Decision status: Recommendations approved
Is Key decision?: No
Is subject to call in?: No
Decision:
That, following satisfactory completion of
legal due diligence and having secured an appropriate allocation of
grant funding from Homes England, the site as set
out in Exempt Appendix 1 be acquired; and funded from a combination
of Homes England grant, other subsidy and up to £1,334,425
which forms part of the £20m prudential borrowing agreed by
Council on 16 May 2025.
Reasons for the decision:
Completion of the legal due diligence process has concluded that
the Council’s acquisition of the property would represent
good and marketable Title and as such, the scheme represents a good
investment opportunity to reduce our revenue expenditure on
Temporary Accommodation.
Alternative options considered:
The
project could be put on hold or cancelled and the grant funding
allocated could be returned to central government.
Implementation:
This decision will be implemented
immediately.
Information:
The
Cabinet on 19 August 2025, gave Officers delegated authority to
acquire 14 homes (and associated freehold) at a site in
Torquay. Following completion of the
legal due diligence process, finalised terms and having
successfully secured an appropriate allocation of grant from Homes
England, the Council will acquire 14 homes for social housing at a
site in Torquay.
Interests and Nature of Interests Declared:
Publication date: 10/10/2025
Date of decision: 09/10/2025
Accompanying Documents:
