Decision details

The Cabinet will be advised of an opportunity to purchase a key site on the gateway to Barking Riverside and will be asked to agree the terms of the proposed purchase and the options for the future of the site.

The Cabinet resolved to:

(i)  Approve the acquisition by the Council of the Welbeck Wharf site, as shown in Appendix 1 to the report, on the terms set out in the report;

(ii)  Delegate authority to the Chief Operating Officer, advised by the Investment Panel and in consultation with the Director of Law and Governance, the Cabinet Member for Finance, Performance and Core Services and the Cabinet Member for Regeneration and Social Housing, to determine any short-term holding arrangements for the site and to enter into any necessary agreements to affect those arrangements;

(iii)  Approve funding ‘in principle’ for pre-development costs up to the sum specified in Appendix 3 to the report and delegate authority to the Chief Operating Officer, advised by the Investment Panel and in consultation with the Director of Law and Governance, the Cabinet Member for Finance, Performance and Core Services and the Cabinet Member for Regeneration and Social Housing, to approve the release of the appropriate pre-development funding; and

(iv)  Delegate authority to the Chief Operating Officer, in consultation with the Director of Law and Governance, to enter into all necessary agreements to complete the freehold purchase and lease back arrangements.