Decision details

The Cabinet will be asked to approve proposals to facilitate the redevelopment of land at London Road / North Street, including the former White Horse pub site, to deliver new homes and commercial space.

The Cabinet resolved to:

(i)   Agree to enter into necessary agreements with Robyna Ltd to enable them to develop a residential-led development on land owned by both the Council and Robyna Ltd, upon satisfaction of various conditions precedent; whereby the Council would acquire the freehold ownership of the Robyna Ltd site and grant Robyna Ltd a head lease on the combined sites for250 (+3 for construction) years subject to the payment of a head rent and all subject to appropriate due diligence;

(ii)   Approve a loan of up to £35m to Robyna Ltd based on the terms set out in Appendix 2 to the report, with the borrowing to be funded through the General Fund from the Public Works Loan Board;

(iii)   Delegate authority to the Chief Operating Officer, in consultation with Director of Law and Governance and the Cabinet Member for Regeneration and Social Housing, to agree the final terms of the loan and the contract documents to fully implement and effect the proposals set out in the report; and

(iv)   Authorise the Director of Law and Governance, or an authorised delegate on her behalf, in consultation with the Chief Operating Officer, to execute all the legal agreements, contracts and other documents on behalf of the Council.