Issue - meetings

The Cabinet Member for Housing presented a report on plans for the construction of 27 shared ownership homes on the Kingsbridge site within the Gascoigne Estate (East) regeneration area.

The properties would be developed, held and managed within the existing B&D Reside delivery structure and funded from the Council’s General Fund, with a contribution of £24,000 per unit via GLA Housing Zone grant funding.  The Cabinet Member advised that the properties would be quality, family homes made up of a mix of three-bed houses and two-bed maisonettes and it was suggested that they would be particularly popular amongst existing residents of the Gascoigne Estate whose current properties would be affected by the major regeneration programme and wished to stay in the area. 

Members expressed their full support for the project and commented that the combined impact of the three housing-related proposals on the agenda meant that the Council was already delivering the Growth Commission recommendations by providing the residents of Barking and Dagenham with long-term, affordable social housing options.

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.