Decision details

RESOLVED:

18.1 Subject to 18.2 below, Cabinet approved the creation and for Brent Council to enter into a joint venture vehicle to bring forward the comprehensive redevelopment of Site 18 through the formation of a Joint Venture Vehicle (JV) as a Limited Liability Partnership (LLP) with London & Newcastle Capital Limited, or a member of its group as approved by the Council (LN) (as the landowner of the Falcon Public House).

18.2 Cabinet delegated authority to the Strategic Director of Regeneration and Environment in consultation with the Lead Member Regeneration, Growth, Employment and Skills, to agree terms for creation and entry into a joint venture based on the draft Heads of Terms at (Appendix 2).

18.3 Cabinet noted the intention to engage Londonewcastle as Development Manager to the JV on terms to be agreed and as approved by the Board of the JV when established

18.4 Cabinet reconfirmed that the development of Site 18 was a key component of the overall South Kilburn Regeneration Masterplan which sought to bring forward a comprehensive redevelopment of South Kilburn providing new homes and significant social and economic benefits to the area through the regeneration process.

18.5 Cabinet confirmed that the primary purpose of the Council's participation in the JV was the pursuit of socio-economic objectives which were more particularly described in paragraph 3.7 of the report and were in, overall terms, non-commercial.