Issue - meetings

Appendix 3 to the report is in the private section of the agenda at Item 16.

The Cabinet Member for Economic and Social Development introduced a report on the proposed acquisition of Transport House, 46 – 48 New Road, Dagenham, due to its strategic importance to the Council’s regeneration plans for the south Dagenham area.

The building was currently occupied by Unite the Union who wished to sell its freehold interest and relocate elsewhere in the Borough.  The site was adjacent to the former Ford Stamping Plant, itself in the final stages of demolition, and acquisition by the Council would increase its stake in the regeneration of the area.  The report also set out the proposed terms of the acquisition, the borrowing costs and the intended leaseback arrangements with Unite pending relocation.

The Cabinet resolved to:

(i)  Authorise the Chief Operating Officer, in consultation with the Director of Law and Governance and the Cabinet Members for Finance, Growth and Investment and Economic and Social Development, to enter into all necessary agreements to complete the freehold purchase of the Transport House site, as identified in Appendix 1 to the report, on the terms set out in the report and Appendix 3 to the report; and

(ii)  Delegate authority to the Investment Panel, following consultation with the Cabinet Members for Finance, Growth and Investment and Economic and Social Development, to approve the future disposal of the site in line with the Council’s Investment Strategy objectives.