Decision details

Equity share purchase of remaining shares - 17 Angelica Road

Decision Maker: Joint Strategic Director Housing Communities and Environment

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

Recommendation to sell the remaining 50% shares to the lessee and to transfer the freehold

Decision:

The Council refused the Lessee’s offer to purchase the property back, and in order for the lessee to be able to sell the property on the open market, they have applied to purchase the remaining shares and the freehold reversion in accordance with the terms of their lease.

Reasons for the decision:

The lessee’s have a right to purchase the freehold reversion under the terms of their lease

Alternative options considered:

N/A

Source of Authority to take Decision:

Scheme of Delegation to Officers 24 July 2024

Paragraph 2.3.4 To dispose of land and buildings, whether leasehold, freehold or shared ownership held in the Housing Revenue Account: (1) up to 0.2 hectares in area and which is less than £200k in value or, (2) where the council is statutorily obliged to dispose in accordance with relevant legislation.

(a) the Council to receive best consideration (b) the purchaser must pay all the Council’s costs in relation to the sale (c) all consents being received

Publication date: 28/10/2024

Date of decision: 28/10/2024