Decision details
Head Lease Purchase of Lodge and Manor Court in Wembley Central
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
To purchase the head lease of two large
residential blocks (78 units in total) which are held within the
Council’s Housing Revenue Account and let to secure Council
tenants. The Council holds an underlease for the blocks with an
unexpired term of 49 years. The purchase of the head lease would
extend the Council’s legal interest in the blocks to December
2135 (an additional 70 years) and reduce expenditure on ground rent
payments. The purchase of the head lease would be by agreement with
the head lessee and is subject to negotiations and subject to
lease.
To delegate authority to the Director of Resources to approve the
final terms of the purchase.
Decision:
RESOLVED:
i. Cabinet gave approval for officers to negotiate with Holaw (401) Ltd for their head lease, on a without prejudice and subject to lease basis. The purchase of the head lease would remove the rent liability the Council currently has under its sub-lease and extend the Council’s ownership in the blocks by an additional 70 years.
ii. Cabinet delegated authority to the Strategic Director, Resources to approve the final terms of the purchase
Wards Affected: Wembley Central;
Report author: Denish Patel
Publication date: 17/01/2017
Date of decision: 16/01/2017
Decided at meeting: 16/01/2017 - Cabinet
Accompanying Documents:
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