Purpose

Approval sought for the conditional sale of Council-owned freehold land, currently leased to Vistry, to enable delivery of Block D (Phase 1B) and M2 (Phase 2) of Meridian Water.
The proposal departs from the 2019 Development Agreement land ownership model but aligns with the Council’s approved approach to conditional land sales (KD5975, 25 February 2026).

Decision

The Cabinet agreed to:

      I.         Approve the market testing strategy for the remaining parcels of land at Meridian Water. The sites comprise:

a) Phase 1 Meanwhile South;

b) Phase 1 Meanwhile North;

c) Station Quarter;

d) Phase 2 South (as agreed by Cabinet in February); and

e) Phase 3 South

    II.         Delegate Authority to the Cabinet Member for Planning and Regeneration to consider feedback from market testing and to determine the best route to market for disposal of sites and/or the procurement strategy for seeking bids for land, works and services or a strategic partner.

   III.         Note that the final decision on any disposals or award of contracts or strategic partnership arrangements will be brought back to Cabinet for approval and will also be subject to appropriate governance.

  IV.         Delegate authority to the Executive Director of Housing and Regeneration to negotiate and accept offers of funding with funding partners to support delivery of the Meridian Water objectives, including, but not limited to, funding associated with the City Hall Developer Fund, Homes England and MHCLG funding programmes, subject to appropriate governance and subject to match funding being agreed if necessary.

    V.         Delegate authority to the Executive Director of Housing and Regeneration, to enter into any additional funding arrangements from MHCLG in relation to the Strategic Infrastructure Works, to agree the earliest completion of the works detailed as part of the contract with Taylor Woodrow.

  VI.         Delegate authority to the Executive Director of Housing and Regeneration in consultation with the Director of Property to undertake a review of meanwhile uses and to agree terms with existing or potential occupiers and enter into any necessary agreements therewith in relation to current and future occupation provided that all agreements are in accordance with property procedure rules.

VII.         Approve the use of the Meridian Water budget expenditure, subject to the Council’s capital approval process, to support the delivery of place community, commercial, and activation initiatives that underpin the attractiveness of the scheme for residents and future investors.

VIII.         Approve the proposals for sites Ph 2N and Ph 3N as set out in the Part 2 report, noting that a report to Cabinet will be submitted on the conclusion of the outcome.

  IX.         Agree to the amendment of the existing Development Agreement between the Council and Vistry Partnerships Ltd to allow the conditional sale of land as set out in this report to approved operators and long-term leaseholders of blocks in Phase 1B and Phase 2 (Block “M2”) subject to Heads of Terms and legal due diligence.

    X.         Delegate authority to the Executive Director of Housing & Regeneration to agree terms for the disposal of the Council’s freehold of Phase 1B (Block D) and Phase 2 (Block M2) to existing long leaseholders in lieu of their existing long headleases and to enter into all necessary agreements in pursuance thereof and subject to appropriate valuation advice this decision.

  XI.         Note that all legal agreements to be entered into in relation to the above recommendations will be prepared and approved by the Councils appointed external legal advisors.

XII.         Approve the recommendation contained within the Part 2 report.