Refurbishment of Houses
Additional documents:
Decision:
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. This is subject to the further review by the Cabinet Member for Property and Business Services, the Head of Property and the Local Member(s) to ascertain whether there is any more development potential to be had.
Reason for Decision
Property Services recommended a programme of refurbishment with a view to leasing out five properties in order to generate an income stream for the Council and undertake works to a further four properties in readiness of disposal to increase capital values.
[The decisions on this item can be called in by the Corporate Services Select Committee]
Minutes:
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.