That the Cabinet Member for Housing and Communities decides as follows:

1.    To approve the freehold purchase of the twelve (12) newly constructed affordable residential units to be constructed at the property known as The Bungalow, Sandy Lane, Oxford (OX4), for the sum of £2,820,000, and to be held in the Housing Revenue Account and provided as affordable housing at Social Rent tenure.

2.    To approve entering into all necessary agreements to facilitate the acquisition of the Property, including the purchase agreement, transfer deed, and any ancillary documents with the Seller (freehold owner). The acquisition comprises of 12 newly constructed affordable residential units, which will be managed through Oxford City Council’s Housing Revenue Account (HRA) and delivered as Social Rent tenures

To enable the purchase the Property, which will be for the freehold land with twelve (12) newly constructed affordable residential units for Social Rent.

The risk to not proceeding would be for the Housing Revenue Account (HRA) to not secure 12 x newly constructed units, at Social Rent to alleviate pressures from the General Needs Housing Register and prevent delivery of a new affordable housing opportunity on a parcel of land that is not allocated in the Local Plan.