That the property referred to as scheme 2, in Cabinet Minute 91/02/25 be acquired.

That subject to the Council approving the Revenue Budget and Capital Programme on 27 February 2025, which includes an allocation of £1.000m to affordable housing, the Cabinet:

1.    approve the inclusion of ‘Scheme 2’ within the Hotels to Homes Programme and allocate a ‘First Stage’ budget of £1.500m (to fund the acquisition, fees and on-costs, demolition & clearance, and redesign of the site), funded from the Devolution Deal grant;

2.    delegate authority to the Director of Finance, in consultation with the Director of Pride in Place and the Cabinet Member for Housing and Finance, to agree suitable terms to acquire Scheme 2, for a price not exceeding the value stated in Exempt Appendices 1 and 3 (subject to the satisfactory completion of all necessary due diligence);

3.    instruct the Head of Strategic Housing & Delivery to appoint:

i)     a demolition contractor (along with any associated technical surveys, reports and required project management etc.) to clear the site and prepare it for newbuild construction, in consultation with the Head of Commercial Services; and

ii)    a Design and Project Management Team to redesign the site for the optimum form of affordable housing, in consultation with the Head of Commercial Services;

4.    that a ‘Second Stage’ cost plan to request the necessary capital uplift to construct a scheme (taking account of grant conditions, scheme viability and planning considerations at that time) be presented to a future meeting of the Cabinet; and

5.    that Cabinet note due to a delay by central Government on the announcement of the next Homes England Affordable Homes Programme, the further report requested of officers at the September 2024 Cabinet meeting must be delayed until after the 2025 Comprehensive Spending Review (or other such time as we have suitable confidence on the funding available to support delivery of this programme).