Purpose

This report seeks the approval
of the Corporate Director of Children, Young People and Education
under the powers delegated to them via Cabinet in October 2024 to
enter into Heads of Terms in relation to sale and leaseback of the
property that is 90 Central Parade, New Addington. The Cabinet
paper in October 2024 agreed for the Council to sell and leaseback
the Social Services building to provide for Housing needs for care
experienced young people. 
 
Heads of Terms (HoTs) have been agreed with the Investor as
detailed within Part B of this report and the terms are in line
with Cabinet report with further adjustments. At this stage the
request for approval requires that the Council enter into the
HoTs, which are subject to Contract and
due diligence. The HoTs for the Sale
and Headlease, Underlease and Nomination Agreement are provided
within Part B Appendices of A, B, C respectively.
 
The team will now progress to
detailed legal work and a further report will be brought back for
Corporate Director of Children, Young People and Education to enter
into the final legal agreements. 
 

Content

For the reasons set out in the
report (Part A & B) and its PART B appendices, the Corporate
Director of Children, Young People and Education in consultation
with the Executive Mayor, Cabinet Member for Finance, Cabinet
Member for Homes, Cabinet Member for Children and Young People,
Corporate Director of Resources, Corporate Director of Housing and
Director of Commercial Investment and Capital
AGREED: 
 

to enter into the
HoTs as detailed within Part B of this
report for Sale and Headlease, Underlease and Nomination
Agreement.