Purpose

To approve in principle the
potential acquisition of housing for social rent

Content

Reviewed
the three acquisition opportunities outlined within
section four of the report and approved that all due
diligence and commercial discussions are progressed to establish
the development feasibility and assess the financial viability for
each site, with a view to including them in Phase 2 of the
Greenwich Builds new council housing delivery programme.
 
Approved
delegated authority to the Cabinet Member for
Planning, Estate Renewal and Development to agree the formal
inclusion of the three acquisition opportunities into Phase 2 of
the Greenwich Builds programme, if the due diligence and viability
assessment provides a positive outcome. 
Formal inclusion will include a full site criteria assessment and
appropriate budget allocation.
 
Noted
that Cabinet, at its meeting of 17 February 2022,
agreed the budget envelope of £397.32m for the delivery of a
target of 1,000 new Council homes through direct delivery and
acquisitions.  Budget agreed as part of
the Cabinet Member formal inclusion will be allocated from this sum
for each site.
 
Noted
that further reports will be presented to Cabinet
which will detail additional sites recommended for inclusion in the
Greenwich Builds Phase 2 programme, and which will contribute
towards the delivery of the 1,000 new Council homes
target.