URL: https://democracy.croydon.gov.uk/ieDecisionDetails.aspx?ID=2736

Decision Maker: Executive Mayor

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: The Council is seeking to acquire 18 units at Zodiac Court, London Road in West Croydon. The residential units will be used for Temporary Accommodation and will be held in the General Fund.    

Content: The Council is seeking to acquire 18 units at Zodiac Court, London Road in West Croydon. The residential units will be used for Temporary Accommodation and will be held in the General Fund.     For the reasons set out in this report and its Appendices, the Executive Mayor RESOLVED:   2.1      To agree the purchase of the Properties, on the terms detailed in Part B of this  report.   2.2      To approve the draw down from the Local Authority Housing Fund Round 3 (LAHFR3) to help fund the acquisition of the Properties.    2.3      To approve the use of Right to Buy sales receipts for the acquisition of the Properties as detailed in Part B of this report.    Zodiac Court is part of a residential development on London Road in West    Croydon. The Council have already acquired 73 flats in Zodiac House which is situated on the same development.     The Council has a significant Housing supply challenge; we currently have 3,328 families in Temporary Accommodation (TA) and 8,341 applicants on the housing register.    The Council has previously relied on the housing association sector to increase supply but the rate of new supply of affordable homes within the borough has  declined significantly and there are significant constraints in accessing suitable accommodation in the private sector.   Financial savings achievable by reducing the demand on private temporary and   emergency housing. These savings will be tracked and reported through  monthly monitoring.     The Council has looked at several other acquisition opportunities and the  purchase of   the Properties present value for money and are available for purchase, with exchange          and completion of 3 units imminently and the remaining 15 units  to be handed over to the Council once the Properties are refurbished in tranches – further details are set out within Part B of the report.   Opportunities have included taking long leases of properties, typically for 40 years with rents below Local Housing Allowance levels but subject to RPI increases. At the end of the 40 years the Council can acquire the properties for £1. These schemes have a future place in providing this type of accommodation but do not offer the overall flexibility that straight purchase of homes has to offer.   Option to not proceed with the acquisition and miss out on much needed housing.  

Date of Decision: May 21, 2026