Decision details

The Cabinet will be asked to approve the disposal, by way of leases to the appropriate B&D Reside entity, of the Woodward Road and 12 Thames Road schemes expected to be completed in June 2024, together with proposals relating to a loan facility and premium to enable the disposals.

Cabinet resolved to:

(i)  Approve, in principle, the disposal of the New Build schemes below by the granting of long leases to the to the appropriate Reside or Barking and Dagenham Homes Ltd (BDHL) entity identified in the report;

Woodward Road

-  Flat 1 - Flat 4, 1 Centenary Road, Dagenham, RM9 4DA

-  Flat 1 - Flat 4, 2 Centenary Road, Dagenham, RM9 4DA

-  1, 3 - 14, 16, 18, 20, 22, 24, 26 and 28 Centenary Road, Dagenham, RM9 4DA

-  Flat 1 - Flat 19, 22 Centenary Road, Dagenham, RM9 4DA

-  Flat 1 - Flat 11, 28 Centenary Road, Dagenham, RM9 4DA

12 Thames Road

-  Flat 1 - 87 Woolmore Court, Thames Road

-  Flat 1 - 35 Blackaby Court, Crossness Road

-  Flat 1 - 24, Fewell Court, Crossness Road

(ii)  Approve, in principle, the indicative draft Heads of Terms for leases and loans for the Woodward Road and 12 Thames Road developments to the appropriate Reside or Barking and Dagenham Homes Ltd entity, as set out in section 2 of the report;

(iii)  Delegate authority to the Strategic Director, Resources 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 provided that such action does not materially affect the approvals granted by Cabinet;

(iv)  Delegate authority to the Head of Legal, in consultation with the Strategic Director, Resources, to execute all agreements, contracts and other documents on behalf of the Council in order to implement the arrangements; and

(v)  Approve the application of a service charge to all new London Affordable Rent (LAR) properties and to existing Reside LAR properties as they come up for renewal.