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Decision details

Authority to enter into a Lease agreement with an Asset Special Purpose Vehicle in relation to the purchase of a block of apartments at the Telford Homes Bus Garage

Decision Maker: Director of Finance

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To request approval for the Council to enter into a lease agreement with an Asset SPV in relation to the purchase of a S.106 block of apartments at the Telford Homes Bus Garage Development.

Decision:

That the Director of Finance, in consultation with the Lead Member for Finance and the Operational Director of Property and Assets:

 

i)                 Approves the Council entering into a 50 year lease agreement, with a 949 year reversion option with AG Homes 2022 -1 Limited, an Asset Special Purpose Vehicle for the purchase of 155 apartments at the Telford Homes Alperton Bus Garage Development, entry into such lease agreement to be triggered by confirmation by Finance Officers of acceptable finance rates.

 

ii)               Notes the conditions of the lease and agrees that the delivery of the development will be monitored at both Design and Delivery and the Housing Care Investment Boards.

Reasons for the decision:

As detailed within the accompanying report.

Alternative options considered:

As detailed within the accompanying report.

Interests and Nature of Interests Declared:

None.

Wards Affected: Alperton;

Cabinet/Committee Decision or Scheme of Delegation: Delegated authority

Parties Consulted: The Lead Member has been consulted on this report and its appendices.

Contact: Amanda Healy, Deputy Director Investment and Infrastructure Email: Amanda.Healy@brent.gov.uk Tel: 020 8937 5912, Nick Ljustina, Director of Property & Assets Email: nick.ljustina@brent.gov.uk Tel: 020 8937 5025.

Publication date: 24/02/2022

Date of decision: 24/02/2022

Effective from: 04/03/2022

Accompanying Documents:

 

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