Agenda item

[Report of the Director of Housing, Regeneration and Planning.  To be introduced by the Cabinet Member for Finance and Transformation]

The Cabinet Member for House Building, Place-Making and Development introduced the report which sought approval for the acquisition of the leasehold interest in the site at 78-92 Stamford Road.  The site sat within the creative enterprise zone and could be an opportunity to form part of the strategy to improve the workspace in that particular area.

The Cabinet Member and Officers responded to questions from Councillor Cawley-Harrison:

-           It expected that the acquisition would be cost-neutral to the Council.  A feasibility study had been undertaken and the recommendation was in part informed by that study.

Following the consideration of exempt information,

RESOLVED that Cabinet agree

1.         To the acquisition of the leasehold interest in the site at 78 – 92 Stamford Road for General Fund purposes (as per the red line plan in Appendix A) from G. Colletta and Sons for the amount as set out in Part B of this report and as set out in the heads of terms in Appendix A of Part B.

2.         To the total transaction costs of acquisition as shown in 6.8 of Part B.

3.         That delegated authority is granted to agree final terms and final documentation to the Director of Housing, Regeneration and Planning after consultation with the Cabinet Member for Finance and Transformation and the Cabinet Member for House Building, Place-Making and Development.

4.         To the site objectives for the proposed workspace development of a placemaking approach, delivering a good economy with climate change and sustainability at its heart, as described in in 6.6.

5.         That £2m SIP funding and £50,000 Future High Streets funding is allocated to this project as described in 6.14 and 6.16

6.         To the next steps as described in 6.20-6.22 including the development of a detailed business case and financial appraisals to be brought back to Cabinet for approval

Reasons for decision

78-92 Stamford Road falls within the STEA and has not been operating for some time, is now derelict and has attracted squatters and antisocial behaviour.

The site, equidistant from Tottenham Hale and Seven Sisters tube station, is within the South Tottenham Designated Employment Area (DEA 14). Stamford Road forms part of Site Allocation TH13 ‘Constable Crescent’ in the Tottenham Area Action Plan (AAP). Policy AAP4 of the AAP outlines that the Council will “facilitate the regeneration and renewal of selected DEAs through a reconfiguration of the local employment offer in order to intensify land uses and maximise the amount of business floor space”.

The acquisition of the leasehold interest will provide an opportunity to upgrade this dilapidated site, which has become a visual blight within the local neighbourhood, and enable the council to deliver a new, long term employment use that will benefit local people and businesses.

Alternative options considered

The alternative option would be not to acquire the leasehold interest in the site.

By not acquiring the leasehold interest, this would mean the opportunity for the Council to deliver a new high-quality workspace-only scheme would be lost. Not acquiring the leasehold interest could mean that the leaseholder may sell their interest on the open market, the outcome of which is difficult to predict with any great certainty

The proposed option allows for the site to be redeveloped as an employment space as set out in this report.