Issue - meetings

This report requests Cabinet approval for the the acquisition of a 141-apartment supported housing development on Plot 3, Land East of Victoria Centre, Acton Lane, Park Royal from Hollybrook Ltd for a package price as set out in appendix 1, subject to 1) an independent valuation, 2) independent cost report confirming value for money, 3) clean and marketable title, 4) satisfactory planning permission and 5) financial and legal due diligence.

RESOLVED:

11.1 Cabinet approved the acquisition of a 141-apartment supported housing development on Plot 3, Land East of Victoria Centre, Acton Lane, Park Royal from Hollybrook Ltd for a package price as set out in Appendix 1 to the Cabinet report, subject to 1) an independent valuation, 2) independent cost report confirming value for money, 3) clean and marketable title, 4) satisfactory planning permission and 5) financial and legal due diligence.

11.2 Cabinet agreed that subject to acceptance of the Council’s offer for the site detailed in 2.1 above, to delegate authority to the Strategic Director Resources, in consultation with the Portfolio Lead Member, to finalise the terms of the proposed acquisition and enter any associated agreements and contracts.

11.3 Cabinet approved the submission of an application to the Greater London Authority (GLA) for grant funding to offset the purchase cost and achieve affordable rents to maximise long-term sustainability.

11.4 Cabinet approved a capital budget that depending on the final negotiated figure would be up to £31m including the various fees, charges, taxes and additional social care requirements noted in Appendix 1 to the Cabinet Report.

Councillor Hirani (Cabinet Member for Community Wellbeing) introduced the report which detailed the proposal for the purchase of a 141-apartment supported housing development on Plot 3, Land East of Victoria Centre, Acton Lane, Park Royal as shown on the plan at Appendix 2 to the Cabinet report. Councillor Hirani spoke about the other two options considered – ‘Scheme acquired by registered provider or another purchaser’ and ‘Do nothing’ and expressed concern that the risks associated with these outweighed the benefits of selecting one of them. 

RESOLVED:

13.1    The acquisition of a 141-apartment supported housing development on Plot 3, Land East of Victoria Centre, Acton Lane, Park Royal from Hollybrook Ltd be approved for a package price as set out in Appendix 1 to the Cabinet report, subject to 1) an independent valuation, 2) independent cost report confirming value for money, 3) clean and marketable title, 4) satisfactory planning permission and 5) financial and legal due diligence.

13.2    Subject to acceptance of the Council’s offer for the site detailed in 2.1 above, authority be delegated to the Strategic Director Resources, in consultation with the Portfolio Lead Member, to finalise the terms of the proposed acquisition and enter any associated agreements and contracts.

13.3    The submission of an application to the Greater London Authority (GLA) for grant funding to offset the purchase cost and achieve affordable rents to maximise long-term sustainability be approved.

13.4    A capital budget that depending on the final negotiated figure would be up to £31m including the various fees, charges, taxes and additional social care requirements noted in Appendix 1 to the Cabinet report be approved.