Decision details

Purchase of land and property in Grantham

Decision Maker: Deputy Leader and Cabinet Member for Housing

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

To seek approval for the purchase of land and property at a strategic site in Grantham town centre. The purchase of the land and property will enable the Council to explore options with the objective of improving the area and street scene and explore and deliver the residential development potential of the area. Details of the proposed acquisition are set out in the exempt appendices to report RIM0422.

Decision:

That approval is granted to purchase the land and property in Grantham as detailed within the exempt appendices to report RIM0422 in the sum of £600,000 as a freehold acquisition.

Reasons for the decision:

The land and property, which is the subject of the offer, is situated adjacent to Council owned residential properties in Grantham. The acquisition will enable the Council to secure land in a strategic location with the potential to regenerate brownfield land, improve the street scene and pursue a development opportunity in Grantham and surrounding the station.

 

It is proposed that the Site will be purchased with from the £5.0m HRA Capital budget for Property Development for 2019-20.

 

Alternative options considered:

The proposal to acquire this land and property will provide an opportunity to provide social and affordable housing units that will provide an income stream to the HRA 30 year business plan. The initial financial assessment provides a financial return of circa 5%.   The financing of the acquisition and development will be financed from the approved housing development capital funding that was approved by Council on 1 March 2019.

 

Publication date: 06/08/2019

Date of decision: 06/08/2019

Effective from: 14/08/2019

Accompanying Documents: