To purchase the leasehold interest of a one-bedroom flat at 2B Gerard Place, Cowley, Oxford, OX4 3HD for a purchase price of £280,000 as part of the additional RRTBR programme

The decision has been made to use allocated funds of £280,000 to purchase the leasehold interest of a one-bedroom flat at 2B Gerard Place, Cowley, Oxford, OX4 3HD as part of the additional RRTBR programme in order to provide an additional affordable housing unit for the HRA to respond to the immediate housing need. If the decision is not taken, the council would not be responding to the immediate housing need, and we would miss out on the opportunity to purchase a much needed one-bedroom home.

An alternative option would be to not purchase the property, this decision has not been taken as the property provides a suitable opportunity for the council to deliver an additional much needed one-bedroom home.