Issue - meetings

This report seeks approval to proceed with the disposal of the Council’s freehold interest in the large vacant residential Housing Revenue Account (HRA) dwelling at 10 Coverdale Road, Cricklewood NW2 4BU for a capital receipt, which is to be reinvested into the acquisition of additional medium-sized family homes to improve the alignment between housing need and housing supply.

(i)         that approval be given to the disposal of the Council’s freehold interest in the subject property on the open market for a capital receipt, which is forecast to be significant given the location and size of the property

(ii)        that the Operational Director of Property and Projects, Regeneration and Growth be authorised to agree the terms of the disposal and the most appropriate disposal route;

(iii)       that subject to approval of the overall capital programme funding position in the Budget Setting Report to be submitted to Members in March 2014, agreement be given to ring-fence the net capital receipt for the acquisition of additional medium-sized family homes for which there is an acute shortage.

The report, introduced by Councillor Crane (Lead Member, Regeneration and Major Projects) sought approval to proceed with the disposal of the council’s freehold interest in the large vacant residential Housing Revenue Account (HRA) dwelling at 10 Coverdale Road, Cricklewood NW2 4BU for a capital receipt, which was to be reinvested into the acquisition of additional medium-sized family homes to improve the alignment between housing need and housing supply.

The Executive also had before them an appendix to the report which was not for publication as it contained the following category of exempt information as specified in Schedule 12A of the Local Government Act 1972, namely:

“Information relating to the financial or business affairs of any particular person (including the authority holding that information).”

RESOLVED:

(i)         that approval be given to the disposal of the council’s freehold interest in the subject property on the open market for a capital receipt, which was forecast to be significant given the location and size of the property;

(ii)        that the Operational Director of Property and Projects, Regeneration and Growth be authorised to agree the terms of the disposal and the most appropriate disposal route;

(iii)       that subject to approval of the overall capital programme funding position in the Budget Setting Report to be submitted to members in March 2014, agreement be given to ring-fence the net capital receipt for the acquisition of additional medium-sized family homes for which there is an acute shortage.