Agreement to acquire affordable homes from Redrow Housing at Phase 3 Barton Park and to subsequently sell on those units to Oxford City Housing Investment Ltd.
Decision Maker: Executive Director (Communities and People)
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: Yes
The City Executive Board, on 10 July 2013, resolved to grant delegated authority to the Executive Director, City Regeneration and Housing, in consultation with the Head of Finance, to authorise the Council’s entry into the required legal documentation with Barton Oxford LLP to give effect to the acquisition of affordable (social rented) housing at Barton Park.
1. To authorise the acquisition of the affordable (social rented) housing (c. 84 units) at Phase 3 Barton Park from the developer Redrow Housing for a consideration of £17,892,550.
2. To authorise by way of back to back transfer the sale of the completed affordable homes at Phase 3 Barton Park (c. 84 units) to Oxford City Housing Investment Ltd for a consideration of £17,892,550. These sales to take place in tranches of 4 or more units as each tranche is complete, over the programme of delivery until 2024/2025.
Reasons for the decision:
The Council entered into an Overarching Agreement on 22 December 2014 which is a contract between Barton Oxford LLP and the Council that the Council will take all of the affordable dwellings at Barton Park.
Continuation of the existing Council housing strategy at Barton Park as set out in the reports to the City Executive Board and Cabinet.
To support the delivery of the Oxford City Housing limited (OCHL) business plan.
Alternative options considered:
The Council is contractually committed to the acquisition of the affordable units at phase 3 Barton Park.
Signed off by senior officers:
Stephen Gabriel, Executive Director for Communities and People
Decision taken in consultation with:
· Councillor Susan Brown, Leader and Cabinet Member for Inclusive Growth, Economic Recovery, and Partnerships,
· Councillor Diko Blackings, Cabinet Member for Affordable Housing,
· Nigel Kennedy, Head of Financial Services.
· Susan Sale, Head of Law and Governance
Publication date: 03/12/2021
Date of decision: 03/12/2021
Effective from: 08/12/2021