Issue details
Head lease purchase of Lodge and Manor Court, Wembley Central
To purchase the head lease of two large
residential blocks (78 units in total) which are held within the
Council’s Housing Revenue Account and let to secure Council
tenants. The Council holds an underlease for the blocks with an
unexpired term of 49 years. The purchase of the head lease would
extend the Council’s legal interest in the blocks to December
2135 (an additional 70 years) and reduce expenditure on ground rent
payments. The purchase of the head lease would be by agreement with
the head lessee and is subject to negotiations and subject to
lease.
To delegate authority to the Director of Resources to approve the
final terms of the purchase.
Decision type: Key
Decision status: Recommendations Approved
Wards affected: Wembley Central;
Notice of proposed decision first published: 09/12/2016
Reason for urgency:
Appendix 1: Valuation
Appendix 1 is below the line and not for publication as it contains the following category of exempt information as specified in Schedule 12A of the Local Government Act
1972, namely:
“Information relating to the financial or business affairs of any particular person (including the authority holding that information)”
Anticipated restriction: Part exempt -
Decision due: 16 Jan 2017 by Cabinet
Department: Resources
Decisions
Agenda items
- 16/01/2017 - Cabinet Head Lease Purchase of Lodge and Manor Court in Wembley Central 16/01/2017
Documents
- Head lease purchase of Lodge and Manor Court, Wembley Central