Agenda item

Acquisition of 76 Council homes at 313 The Roundway, London N17 7AB

Meeting of Cabinet, Tuesday, 16th September, 2025 6.30 pm (Item 268.)

Report of the Corporate Director of Finance and Resources (S151 Officer). To be presented by the Cabinet Member for Housing & Planning (Deputy Leader)

Decision:

DECLARATIONS OF INTEREST MADE FOR THIS ITEM:

None

RESOLVED:

That Cabinet:

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.
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.
Approved the payment to Jones Lang LaSalle (JLL) as contained in the Part B (Exempt) report.
Approved the total scheme cost for the acquisition as contained in the Part B (Exempt) report.
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.
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).
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.
Pursuant to the approval of Recommendation 1, approved a leaseback of the two commercial units on terms to be agreed delegated under Recommendation 8.
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.

Minutes:

The Cabinet Member for Housing and Planning, and Deputy Leader of the Council introduced the report.

It was explained that the Council, with financial support from both the Mayor of London and central government, were building at least 3,000 new council homes at council rents by 2031. We are creating more genuinely affordable homes for local people. To meet this target, it was explained that the Council was purchasing 76 homes at 313 The Roundway.

In response to comments and questions from Councillors Brabazon and Emery, the following information was shared:

Officers explained that the acquisition of the site was expected by the end of October 2025.
Officers explained that confirmation of Greater London Authority funding was expected within the next few days following Cabinet.