Issue - decisions
Plot 3, Land East of Victoria Centre, Acton Lane, Park Royal (NW10) Land acquisition and development agreement.
23/05/2017 - Plot 3, Land East of Victoria Centre, Acton Lane, Park Royal - Land acquisition, Design & Build Proposals
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.