Purpose

The Cabinet will be asked to approve the disposal, by way of leases to the appropriate B&D Reside entity, of the Town Quay Wharf and Transport House developments expected to be completed in January 2025, together with proposals relating to a loan facility and premium to enable the disposals.

Decision

Cabinet resolved to:

(i)  Approve, in principle, the disposal of the new build schemes below by the granting of long leases to the appropriate Reside or Barking and Dagenham Homes Ltd (BDHL) entity identified in the report;

Town Quay Wharf

Ø  Flat 1 – 62 Mercia Peak, 24A Abbey Road, Barking IG11 7WU

Transport House

Ø  34, 38, 40, 42, 44, 46 and 50 New Road, Dagenham, RM9 6YS

Ø  Union House, 36 New Road, Dagenham, RM9 6GR (Core A)

Ø  Transport House, 48 New Road, Dagenham, RM9 6GS (Core B)

(ii)  Approve, in principle, the indicative draft Heads of Terms for leases and loans for the Town Quay Wharf and Transport House developments to the appropriate Reside or Barking and Dagenham Homes Ltd entity, as set out in section 2 of the report;

(iii)  Delegate authority to the Strategic Director, Resources, in consultation with the Head of Legal, to agree and finalise the terms of the loans, leases and any other associated documents, and to take any steps necessary to ensure compliance with s123 of the Local Government Act 1972 and the Subsidy Control Act 2022 provided that such action does not materially affect the approvals granted by Cabinet; and

(iv)  Delegate authority to the Head of Legal, in consultation with the Strategic Director, Resources, to execute all the legal agreements, contracts, and other documents on behalf of the Council in order to implement the arrangements.