Issue - decisions
Authority to enter into contract with St. George for the purchase of 115 homes from Grand Union Phase 2
06/07/2022 - Authority to enter into contract with St. George for the purchase of 115 homes from Grand Union Phase 2
That the Strategic Director Regeneration and Environment, in consultation with the Lead Member for Finance, Resources and Reform:
i) Approves entry into a contract with St George Development Ltd for the purchase of a 999-year leasehold interest in 115 affordable homes for £28.74m in respect of the Site.
ii) Notes that under the contract terms, the payments terms agreed with St George Development Ltd are as follows:
a. 10% deposit payable upon exchange of contracts - £2.874m
b. 25% deposit payable upon legal completion - £7.185m
c. 65% to be payable via monthly valuations - £18.681m