Decision details

Investment of £1.447m in 9 properties in order to generate a net income, after deduction of all costs including repayment of interest and borrowing, of £26k per annum and increase capital receipts on the sale of 2 properties by an additional £437k.

This Part 2 report contained information which is exempt from Access to Information requirements by virtue of paragraph 3 – Information relating to the financial or business affairs of any particular person (including commercially sensitive information to the bidding companies).

The nine properties under consideration were vacant. The proposal was in line with the Council’s ambition to reduce the number of properties in vacant management to reduce costs and increase income.

RESOLVED:

That the business case for an initial investment, as set out in the report, in nine residential properties in order to bring the property up to modern day standards or increase the capital valuation in preparation of disposal of the asset in the market be agreed. 

Reason for Decision

Property Services recommended the refurbishment of nine residential properties to either increase rental income and bring the property up to modern day standards or increase the capital valuation in preparation of disposal of the asset in the market.