Decision details

The Cabinet will be asked to approve the disposal, by way of leases to Barking and Dagenham Homes Ltd, for seven completed new-build schemes, together with proposals relating to a series of loans facilities and premiums to enable the disposals.

Cabinet resolved to:

(i)  Approve, in principle, the disposal of the schemes listed below by the granting of long leases to the appropriate Reside entity (either Barking and Dagenham Homes Ltd (company no. 12090374), B&D Reside Weavers LLP (registered no. OC416198) or Barking and Dagenham Reside Regeneration Ltd (company no. 09512728));

·  Sacred Heart (Convent Court and Convent Mews), Dagenham, RM9 6FT

·  200 Becontree Avenue, Dagenham, RM8 2TR.

·  A House for Artists, Barking, IG11 8SE.

·  Sebastian Court (Block A and Block B), Barking, IG11 9FE.

·  Chequers Lane (Block Kerwin House), Barking, RM9 6FR.

·  Challingsworth House (Block A), Barking, IG11 8TF.

·  Gascoigne East (Block C), Mizzen Street, Barking, IG11 7RQ

(ii)  Approve, in principle, the draft Heads of Terms and loans for each of the listed schemes to the appropriate Reside entity, as set out in section 2 and the appendices to the report;

(iii)  Delegate authority to the Strategic Director, Finance and Investment, in consultation with the Strategic Director, Inclusive Growth, to agree and finalise the terms of the loans, leases and any other associated documents, and to take any steps necessary to ensure compliance with s123 of the Local Government Act 1972 and the Subsidy Control Act 2022; and

(iv)  Delegate authority to the Chief Legal Officer, in consultation with the Strategic Director, Inclusive Growth, to execute all the legal agreements, contracts, and other documents on behalf of the Council in order to implement the arrangements.