Decision details

The report seeks permission to purchase a mixture of affordable and market units located on Fulton Road financed through a lease.

Cabinet RESOLVED to delegate authority to the Director of Finance in consultation with the Cabinet Member for Finance Resources and Reform and the Operational Director of Property and Assets to negotiate a unit mix of social and market units that deliver a financially viable scheme and the terms and thereafter enter into an underlease for up to 60 years (to be made between L.B. Brent and Asset SPV) in respect of the affordable homes and market units within the Fulton Road 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).