Issue - meetings

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

To seek approval for the acquisition of industrial land in Seven Sisters to support for general fund purposes.

The Cabinet Member for House-Building, Place-Making and Development introduced the report which sought approval for the acquisition of freehold interests known as 6-40 Durnford Street, N15 5NQ and Land to the Rear of 728 Seven Sisters Road, N15 5NH in Seven Sisters, using funding secured as part of MHCLG’s Future High Streets Fund (FHSF) Programme.

The Cabinet Member and the Director for Housing, Regeneration and Planning responded to questions from the Cabinet and Councillor Barnes:

-           This report was to seek approval for the acquisition of properties – detailed proposals for the future of the properties would be provided in a future report.

-           This was the start of a long process and it would be a minimum of 2-3 years before any work would begin on site in a phased development.

-           The acquisition provided value for money in that it provided a valuable asset in terms of the commercial property portfolio.

Further to considering exempt information at item 23 it was

RESOLVED that Cabinet

1.         Note the Draft Masterplan Objectives outlined in Section 6.

2.         Agrees to acquire for General Fund purposes “the Site” for a sum (as reported in Part B of the report) based on the draft Heads of Terms which are set out in Appendix 4 (in Part B of this report).

3.         Note that the seller will take a lease back of the Site from the Council on acquisition for a period of 2 years (with break clause) as set out in the draft Heads of Terms in Appendix 4 (in Part B of this report).

4.         Give delegated authority to The Director of Housing, Planning and Regeneration after consultation with the Cabinet Member for Finance and Transformation and the Cabinet Member for House Building, Placemaking and Development to agree the final heads of terms and the legal documentations for the acquisition.

Reasons for Decision

The Gourley Triangle site is an important site allocation in the Tottenham Area Action Plan. It has long been identified as having the potential for renewal and placemaking given the quality of the current built environment. At its heart, the future of Gourley Triangle will aim to reflect employment and workspaces that meet the contemporary post-Covid economy. There is also potential to meet wider Council objectives of placemaking, delivering council homes and sustainability. 

Due to complex and fragmented land ownership, it is considered that the Gourley Triangle site could not come forward without public sector intervention. The Council is able to lead this intervention by developing a coherent masterplan and land acquisition programme. This report sets out the draft key objectives informing the development of the masterplan and brings forward for decision the first land acquisition.

An opportunity has arisen to make an early acquisition of a critical land interest at the heart of the Gourley Triangle and adjacent to existing Council freehold interests. There are a number of 3^rd party interests in the Gourley Triangle area and the proposed acquisition of “the Site” enables the Council to  ...  view the full minutes text for item 591