Decision details

Purchase of a S.106 block of apartments at the Telford Homes Alperton Bus Garage Development

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Cabinet to delegate authority to the Finance Director in consultation with the Operational Director of Property and Assets to complete the transaction.

Decision:

Cabinet RESOLVED to delegate authority to the Director of Finance in consultation with the Lead Member for Finance and the Operational Director of Property and Assets to negotiate and agree the terms and thereafter enter into a 50 year under lease (to be made between L.B. Brent and Asset SPV) in respect of the 155 affordable homes within the Alperton Bus Garage Development subject to:

 

(a)     clean and marketable title;

 

(b)     financial and legal due diligence;

 

(c)     all commercial terms having been agreed between the parties; and

 

(d)     vacant possession, with a target completion date as soon as possible after the grant of the long lease of 999 years (the headlease).

Reason Key: Signficant expenditure/savings of £500k or more;

Wards Affected: Alperton;

Contact: Minesh Patel, Director of Finance Email: minesh.patel@brent.gov.uk Tel: 020 8937 4043.

Report author: Amanda Healy

Publication date: 08/11/2021

Date of decision: 08/11/2021

Decided at meeting: 08/11/2021 - Cabinet

Effective from: 16/11/2021

Accompanying Documents: