Issue - meetings
Head lease purchase of Lodge and Manor Court, Wembley Central
Meeting: 16/01/2017 - Cabinet (Item 15)
15 Head Lease Purchase of Lodge and Manor Court in Wembley Central 
PDF 233 KB
This report details the proposed purchase of the head lease in relation to two large residential blocks within the Housing Revenue Account (HRA) known as Manor Court (40 units) and Lodge Court (38 units) located in Wembley Central, on either side of Wembley Central Station.
Additional documents:
- RESTRICTED Appendix 1 , View reasons restricted (15/2)
- Appendix 2, item 15
PDF 2 MB
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
Minutes:
Councillor Margaret McLennan, Deputy Leader, introduced the report dealing with the proposed purchase of the head lease in relation to two large residential blocks within the Housing Revenue Account (HRA) known as Manor Court (40 units) and Lodge Court (38 units) located in Wembley Central, on either side of Wembley Central Station.
She stated that the Council owns a sub-lease for the blocks for a fixed period. The remaining term of the sub-lease is 49 years. The Council will be required to return ownership of the blocks to the head lessee with vacant possession when the sub-lease comes to an end, which will mean re-housing the secure tenants in alternative accommodation.
She informed Cabinet Members that an opportunity has arisen for the Council to acquire the head lease under negotiated agreement.
The proposal to purchase the head lease is in line with the Council’s Residential Leasehold Property Strategy, approved by Cabinet in September 2013, which supports a strategic approach to managing the Council’s residential leasehold portfolio through advance acquisitions.
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