Issue - meetings

[Report of the Director for Housing and Growth. To be introduced by the Deputy Leader and Cabinet Member for Housing and Estate Renewal.]

Newlon Housing Trust (NHT) owns 3 leasehold properties on Kenley Tower on  Broadwater Farm.  NHT has agreed to sell back all 3 these properties to Haringey Council. Approval is sought to progress this purchase as the total value of the portfolio is above £500k. These properties will be purchased  as they become vacant. They will then be used to  house homeless Haringey families in-borough

The Cabinet Member for Housing and Estate Renewal introduced the report which sought approval to the purchasing of three properties Kenley block on the Broadwater Farm Estate from Newlon Housing Trust. Residents of the Northolt and Tangmere blocks on the estate are due to be rehoused for health and safety reasons. The Council owning the Kenley properties, will allow more of the Northolt and Tangmere residents to be rehoused on Broadwater Farm, which will mean the rehousing process will be less disruptive to them.

Following consideration of exempt information at item 20,

RESOLVED

1. To agree the purchase for housing purposes the properties known as 103,104 and 105 Kenley House, Gloucester Road, Broadwater Farm Estate, N17 6GZ, and all of which are shown edged red on the plan attached included as part of the original lease – Appendix 1; and

2. That the acquisitions will be as per the Heads of Terms attached in an exempt Appendix.

Reasons for decision

The purchase of the property will help the Council meet housing needs in Haringey. The properties will be used to rehouse households from the Tangmere and Northolt blocks.

The recommendation to purchase 103-105 Kenley House, Gloucester Road, Broadwater Farm Estate, N17 6GZ is based on valuation advice from GL Hearn that considers the sum negotiated on purchase price to represent good value for money for the Council.

To secure the property for the agreed price a Cabinet decision is required.

Alternative options considered

The only alternative option considered was not to proceed with the purchase of the subject properties. This option was rejected, as the properties are able to service all running costs and debt servicing costs over 30 years. The purchase price agreed has been achieved through an exhaustive process of negotiation with the owner to achieve best value for the Council. The properties will only require a small financial outlay to bring them back up to a ‘Homes for Haringey Letting Standard’.