Decision details

The Cabinet will be asked to approve proposals relating to a proposed residential redevelopment at the Kingsbridge site on the Gascoigne Estate.

Cabinet resolved to:

(i)  Agree the tenure and unit mix for the development of 27 shared ownership units on the vacant Kingsbridge site shown edged in red at Appendix 1 to the report, as detailed in paragraph 2.2 of the report;

(ii)  Agree to use an existing entity within the B&D Reside structure (or the establishment, if required, of a new Special Purpose Vehicle within that structure) to develop, sell, own and procure the construction, management and maintenance of common parts and structure of the 27 shared ownership units on the Kingsbridge site;

(iii)  Agree the principle of borrowing up to £6.75m within the General Fund to finance the development and ownership of the shared ownership homes unsold equity via a loan agreement made between the Council and the shared ownership Special Purpose Vehicle;

(iv)  Delegate authority to the Chief Executive, in consultation with the Director of Law and Governance, the Strategic Director of Finance and Investment and the Cabinet Members for Finance, Housing and Regeneration, to negotiate terms and agree the contract documents to fully implement and effect the Kingsbridge project; and

(v)  Authorise the Director of Law and Governance, or an authorised delegate on her behalf, to execute all of the legal agreements, contracts and other documents on behalf of the Council.