Decision details

Cabinet RESOLVED:

1)          To approve a budget of £85.6m plus VAT (if any) to purchase the long leasehold interest in 294 homes from Crown Wembley LP, subject to contract and subject to a) clean and marketable title b) financial and legal due diligence and c) vacant possession, with a target completion date in March 2023.

2)          To delegate authority to the Corporate Director of Finance & Resources in consultation with the Finance, Resources & Reform to negotiate and agree the terms and thereafter enter a development sale and purchase contract with the vendor for the purchase of these homes by way of a long lease of 999 years (less 3 days).

3)          To note the Corporate Director, Finance & Resources using powers delegated under the Constitution would tender and award relevant contracts for professional services relating to the construction supervision of the 294 homes that would be transferred to Brent Council.

4)          To delegate authority to the Corporate Director, Resident Services to enter into a grant agreement with the Greater London Authority (GLA) for purchase of the Section 106 block of apartments at Fulton Road in the sum of £8.2m.

5)          To delegate authority to the Corporate Director of Finance & Resources in consultation with the Cabinet Member for Finance, Resources & Reform to secure the necessary pre-requisite consents and thereafter agree the terms for entering a lease of the 118 units to a Council owned subsidiary.