Decision details

The Cabinet will be asked to approve the purchase of the long leasehold interest of the Heathway Shopping Centre at Dagenham Heathway.  The Council is already the freehold owner and the report will set out the financial and regeneration case for the purchase.

Cabinet resolved to:

(i)  Agree to purchase the long leasehold interest in the Heathway Shopping Centre for an acceptable value subject to not exceeding the maximum purchase price set out in Appendix 1 to the report;

(ii)  Authorise the Chief Operating Officer to agree and approve an asset management strategy for the Shopping Centre;

(iii)  Note that the Transfer of Undertakings (Protection of Employment) Regulations (TUPE) shall apply with a transfer of the Shopping Centre manager to Be First; and

(iv)  Authorise the Chief Operating Officer, in consultation with the Director of Law and Governance and the Cabinet Member for Finance, Performance and Core Services, to agree and execute all the necessary legal agreements, contracts and other documents associated with the resolution subject to satisfactory due diligence.