Issue - meetings

(Report of the Director of Adult and Housing Services. To be introduced by the Cabinet Member for Housing). The report seeks approval to dispose of the Waltham Cross Estate to ‘B3 Living Limited’, following a recent ballot of tenants, which was in favour of the transfer.

Cabinet considered a report, presented by the Cabinet Member for Adult and Housing Services, which sought approval to the disposal of the Waltham Cross estate (comprising a total of 90 homes, 17 of which were leasehold) to B3 Living Limited, following a vote in favour of a transfer in a ballot of the tenants.

Exempt information was considered under Item 26.

RESOLVED:

1. That the outcome of the ballot of the tenants and leaseholders be noted;

2. That the disposal of the Council’s freehold interest in the Waltham Cross Estate to B3 Living Limited for the offer price (detailed in the exempt part of the report) and the entering into the VAT shelter arrangements (detailed in the exempt part of the report) be approved;

3. That the Head of Corporate Property be authorised to complete the disposal of the Council’s freehold interest in the Waltham Cross Estate to B3 Living Limited for the offer price and that agreement of the full terms and conditions of the disposal be delegated to the Director of Adult and Housing Services after consultation with the Head of Legal Services and Cabinet Member for Housing;

4. That it be agreed that all reasonable costs associated with the stock transfer project and the self financing debt allocation for these units are deducted from the capital receipt; and  

5. That it be agreed that the net capital receipt should be used to support capital projects within the Borough.

Alternative Options Considered

On the 12 June 2012 Cabinet noted that the alternative options of Private Finance Initiative and Outsourced Management Contract were considered and deemed as unviable to deliver the required investment.

Reasons for Decision

The Waltham Cross estate is situated some considerable distance from Haringey.  An options appraisal concluded that stock transfer was the only viable option with the capacity to deliver the investment required to bring the homes up to the decent homes standard, given the limited level of capital funding available to the Council, and achieve ongoing quality management from a local social housing provider.   Transfer is dependent on the majority of tenants voting in favour.  Of the tenants who voted, 85% were in favour of transferring their homes to a new landlord.