Issue - meetings
Acquisition of Grand Union Phase One Affordable Homes
Meeting: 20/04/2020 - Cabinet (Item 10)
10 Purchase of 114 Affordable Homes in Alperton 
PDF 39 KB
This report is seeking approval to purchase the long leasehold interest in 114 affordable homes at the Grand Union site located in Alperton.
Additional documents:
- 09a. Appendix 1 (exempt) - Financial Appraisal , View reasons restricted (10/2)
- 09b. Appendix 2 (Grand Union) - Site location, item 10
PDF 803 KB
- 09c. Appendix 3 (Grand Union) - Site plan, item 10
PDF 1 MB
- 09d. Appendix 4 (Grand Union) - Illustration, item 10
PDF 2 MB
- Webcast for Purchase of 114 Affordable Homes in Alperton
Decision:
Cabinet RESOLVED:
(1) To note the content of the report, including the amendment to the figure in section 6.2 of the report which should read 92 and not 22 affordable homes.
(2) To approve the proposed purchase of the long leasehold interest in 114 affordable homes within the scheme currently in development for the purchase price of £27m (plus statutory costs), subject to contract and subject to a) clean and marketable title b) financial and legal due diligence and c) vacant possession, with a target exchange of contract in May 2020
(3) To delegate authority to the Strategic Director of Regeneration & Environment in consultation with the Lead Member for Regeneration, Highways, Planning, to negotiate and agree the terms and thereafter enter into a contract with the developer for the purchase of the scheme.
Minutes:
The Cabinet Member for Housing and Welfare Reform, Councillor Eleanor Southwood, introduced the report seeking approval to purchase the long leasehold interest in 114 affordable homes at the Grand Union site, located in Alperton. Cabinet noted the detailed outlined provided on the development, site and breakdown of the 114 affordable homes which were being made available. It was pointed out these would not only meet the essential housing needs currently identified in terms of the housing register but would also be beneficial in terms of their location.
In addition, Cabinet’s attention was drawn to the financial appraisal undertaken which had identified the scheme as financially viable on the basis of the assumptions set out in section 5.7 of the report. In completing her introduction Councillor Southwood also took the opportunity to thank Councillor Tatler (as Cabinet Member for Regeneration, Property & Planning) and officers for their support and efforts in progressing the scheme.
RESOLVED that Cabinet:
(1) Note the content of the report, including the amendment to the figure in section 6.2 which should read 92 and not 22 affordable homes.
(2) Approve the proposed purchase of the long leasehold interest in 114 affordable homes within the scheme currently in development for the purchase price of £27m (plus statutory costs), subject to contract and subject to a) clean and marketable title b) financial and legal due diligence and c) vacant possession, with a target exchange of contract in May 2020.
(3) Delegate authority to the Strategic Director of Regeneration & Environment in consultation with the Lead Member for Regeneration, Highways, Planning, to negotiate and agree the terms and thereafter enter into a contract with the developer for the purchase of the scheme.