Decision details

DECLARATIONS OF INTEREST MADE FOR THIS ITEM:

None

RESOLVED:

That Cabinet:

1. Approved the acquisition for housing purposes, of 76 residential units at 313 The Roundway and 8-12 Church Lane, London, N17 7AB for the purchase price as set out in the Part B (Exempt) report and based on the draft Heads of Terms contained in the Part B (Exempt) report.
   
   
2. Noted the allocation of the purchase price between CWPH Limited (the Investor) and the Developer. The respective allocations are contained in the Part B (Exempt) report.
   
   
3. Approved the payment to Jones Lang LaSalle (JLL) as contained in the Part B (Exempt) report.
   
   
4. Approved the total scheme cost for the acquisition as contained in the Part B (Exempt) report.
   
   
5. Noted that grant funding from the Greater London Authority (GLA) will be used to part fund the acquisition. In the event GLA funding is not available, Cabinet approval is sought for the use of right to buy (RTB) receipts. The amount of grant funding is contained in the Exempt Part B (Exempt) report.
   
   
6. Pursuant to Recommendation 5, where RTB funding is used, approved the grant of leases of these homes for a term not exceeding 7 years to the Haringey Community Benefit Society (HCBS) who, in turn, will let these homes at Local Housing Allowance (LHA). 
   
   
7. Where Grant Funding is obtained, approved the lets are made in accordance with the conditions of that funding and that the Neighbourhood Moves Scheme will thus not apply to these homes.
   
   
8. Pursuant to the approval of Recommendation 1, approved a leaseback of the two commercial units on terms to be agreed delegated under Recommendation 8.
   
   
9. Granted delegated authority to the Corporate Director of Finance and Resources following consultation with the Head of Legal and Lead Member for Housing to finalise the Heads of Terms, agree the purchase price following receipt of a valuation, agree Heads of Terms for the leaseback of the commercial units, finalise legal documentation and complete the transactions.

Reasons for decision.

The acquisition of these properties will result in 76 additional new Council homes thereby assisting the Council to house households in need of good quality housing.

The proposed Council homes are well located to enjoy the amenities of Lordship Lane, Bruce Castle and Lordship Recreation Ground.

All the homes will be completed to a market specification.

Alternative options considered.

Not to acquire the homes. This option was rejected because it would be a missed opportunity for the Council to:

Secure 76 new Council homes.

Assist in maintaining momentum and progress in the overall aspiration to provide affordable housing in the borough.