Decision Maker: Director for Housing, Regeneration and Planning
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Authorisation is sought from the Director of
Housing, Regeneration and Planning for permission to instruct Legal
Services to enter into the necessary legal documents:
(i) Approving the disposal of the Red House site from Magic Living
Limited to Magic Living 4 Limited (a group entity); and
(ii) Approving Harbour Lending Limited as funder to the development
with step in rights to the Purchase Agreement in addition to Magic
Homes Limited acting as guarantor for Magic Living 4 Limited.
The Council requires the Developer to
construct the homes for acquisition by the Council and in order to
do this the Developer requires funding. A term of providing the
funding is that a new special purchase vehicle was required to be
set up and Magic Living 4 Limited facilitates this
requirement
None, this instruction stems from the previous
authorities for this transaction and there are no substantive
changes to the terms of the Sale and Purchase Agreements dated 22
November 2019. The legal agreements to be entered into between the
relevant parties will ensure that the covenants will continue to
bind the new parties and the land.
Publication date: 13/01/2021
Date of decision: 08/01/2021