Abbey Road Creative Industries Quarter - Options Relating to the Acquisition of 138 Residential Units and Ancillary Commercial Space
Contains commercially sensitive information regarding a third party (paragraph 3)
Additional documents:
Minutes:
The Cabinet Member for Housing presented a report on the acquisition and management of the 138 new homes at Abbey Road Creative Industries Quarter (Phase 2) and advised that detailed discussion had been held with Bouygues UK Limited which has an agreement with the GLA to acquire and develop the site in two phases. The proposed terms were set out in the report.
The Cabinet Member for Housing commented that the Creative Industries Quarter area was an important regeneration priority for the Council and regeneration of the site would help in delivering the Barking Town Centre Strategy and also provide decant capacity for the Gascoigne Estate renewal programme. The acquisition of the units would need to be funded from existing recourses within the HRA, as additional borrowing cannot be undertaken by the HRA to purchase the units. The £18.3m affordable Housing Programme Grant from the Homes and Communities Agency to provide 763 affordable homes by 31 March 2015 could, in part, be used to support the acquisition of these units.
Cabinet agreed:
(i) To the acquisition of the long leasehold of 138 homes and commercial space at the Abbey Road Phase 2 site directly by the Council as a new build scheme within the Housing Revenue Account under a fixed price contract of approximately £22.3m;
(ii) To delegate authority to the Chief Executive, in consultation with the Corporate Director of Housing and Environment, the Head of Legal and Democratic Services, the Chief Financial Officer and the Cabinet Members for Finance and Housing, to negotiate terms and agree the contract documents to fully implement and effect the Project; and
(iii) To authorise the Head of Legal and Democratic Services, or an authorised delegate on her behalf, to execute all of the legal agreements, contracts and other documents on behalf of the Council.
(The above matter was considered after a resolution had been passed to exclude the public and press from the meeting, by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (as amended), as the report contained commercially sensitive information relating to the proposed developer.)