To transfer by sale three properties to Oxford City Housing (Investment) Limited (OCH(I)L).

The transfer by sale of three properties to OCH(I)L to be fully funded by a loan at State Aid compliant rates made available by the Council to OCH(I)L:

·         74 Foxwell Drive, Oxford

·         15 Kempson Crescent, Oxford  

·         25 Westlands Drive, Oxford  

The transfer is on the condition that the properties are let at a rent not exceeding the prevailing Local Housing Allowance levels in perpetuity to households nominated by the Council. This is to ensure that the homes remain affordable to future households but allowing OCH(I)L to charge a sufficient rent to fund the extension work required. This is controlled through a restrictive covenant on the properties.

A Joint Valuation exercise was carried by Carter Jonas based upon the properties continuing to be let as affordable housing in perpetuity which significantly reduces their value below that which would apply if they were being sold on the open market. All three properties require refurbishment having been tenanted continuously for many years.

It is intended that the properties be leased back to the Council on a full repairing lease for continued use as homeless accommodation until OCH(I)L is ready for them to be used as general needs lettings subject to any extension or development work that OCH(I)L wished to carry out on the properties.

The decision was informed by a Report of the Housing Development and Enabling Manager, 18 March 2019 and Carter Jonas valuations.  Neither of which are in the public domain.