Decision details

The Cabinet will be asked to approve the disposal, by way of a lease to the appropriate B&D Reside entity, of the Gascoigne East Phase 3A (Block J) scheme expected to be completed in November 2023, together with proposals relating to a loan facility and premium to enable the disposal.

Cabinet resolved to:

(i)  Approve, in principle, the disposal of the scheme below by the granting of long leases to the appropriate Reside entity (either Barking and Dagenham Homes Ltd (company no. 12090374) or B&D Reside Weavers LLP (registered no. OC416198);

Gascoigne East Phase 3A Block J

·  Farrimond House, 1 St Mary’s, Barking, IG11 7SN

·  Farrimond House, 6 St Mary’s, Barking, IG11 7PH

·  Farrimond House, 10 St Mary’s, Barking, IG11 7PH

·  Farrimond House, 13 King Edwards Road, Barking, IG11 7ZZ

·  2, 4, 6 and, 8 Fisherman Street, Barking, IG11 7AA

(ii)  Approve, in principle, the draft Heads of Terms and loans for Gascoigne East Phase 3A Block J to the appropriate Reside entity, as set out in section 2 of the report;

(iii)  Delegate authority to the Strategic Director, Finance and Investment, in consultation with the Strategic Director, Inclusive Growth, to agree and finalise the terms of the loans, leases and any other associated documents, and to take any steps necessary to ensure compliance with s123 of the Local Government Act 1972 and the Subsidy Control Act 2022; and

(iv)  Delegate authority to the Head of Legal Services, in consultation with the Strategic Director, Inclusive Growth, to execute all the legal agreements, contracts, and other documents on behalf of the Council in order to implement the arrangements.