Acquisition of 9 dwellings at Glanville Road, Cowley, from Cantay Estates
Decision Maker: Chief Executive
Is Key decision?: Yes
Is subject to call in?: Yes
Cabinet, at its meeting on 22 January 2020, delegated authority to the Chief Executive, in consultation with the Cabinet Members for Finance and Asset Management, and Affordable Housing, to approve any property or development purchases over £500,000 for affordable housing, within the project approval granted at that meeting.
To acquire 9 affordable and social rented dwellings - built by Cantay Estates.
The acquisition is on a standard acquisition terms with the Council paying a 10% deposit and entering into a development agreement with the developer for the handover of the completed units with the remaining balance paid upon confirmation that the units have been completed to a satisfactory standard and in line with the agreed specification.
The agreements and contracts have been extensively negotiated to ensure the best possible terms have been sought for the Council. External legal advice was secured to manage this process in consultation with the Council’s representative and project manager.
An independent employer’s agent and clerk of works have been employed to monitor and manage the contract whilst also ensuring the works are completed to the standards required and based on the Council’s requirements. The scope of their contract is until the completion of all dwellings and handover to the Council.
Alternative options considered:
To not complete the acquisition. This is not preferred as the purchase is considered to represent good value for the Council and provides a strong investment and revenue stream against initial expenditure, whilst also providing much needed affordable housing on a prominent development within Oxford.
Signed off by senior officers:
Gordon Mitchell, Chief Executive.
Decision taken in consultation with the Cabinet Members for Finance and Asset Management, and Affordable Housing.
Publication date: 15/09/2020
Date of decision: 14/09/2020
Effective from: 19/09/2020