Content

RESOLVED:
 
1. 
It was agreed to accept additional grant funding of
£3m from the Greater London Authority (GLA) in accordance
with the agreement and delegate to the Interim Group Director,
Finance and the Director Legal, Democratic and Election Services to
agree the final grant funding agreement terms.  This funding will go toward the expenditure of the
GLA Civic Partnership Programme (CPP).
 
2. 
The granting of a 25 year lease of 161 Northwold Road,
E5 8RL on the proposed Heads of Terms as outlined in Exempt
Appendix 1m was approved.
 
3. 
It was delegated to the Interim Group Director of
Finance and the Director of Strategic Property Services authority
to agree to the lease, all commercial terms and any associated
documentation and ensure that it represents best
consideration.
 
4. 
Authority was delegated to the Director of Legal,
Democratic and Electoral Services to complete the lease and all
other relevant and ancillary legal documents arising to complete
the transaction.
 
5. 
The CIL scheme summarised below and set out in section
11 was approved:
 

S106

2025/26 £'000

Capital

570

Total
CIL Capital for Approval

570

 
6. 
The s106 scheme summarised below and set out in section
12 and section was noted:
 

S106

2024/25 £'000

Capital

198

Total
S106 Capital for Noting

198

 
7. 
The106 scheme summarised below and set out in section
13 and section was noted:
 

S106

2024/25 £'000

Revenue

71

Total
S106 Revenue for Noting

71

 
8. 
The capital adjustments below was noted:
 

Current Directorate

2024/25 Capital Adjustments

 

£'000

Non Housing

200

Housing

0

Total

200

 
REASONS FOR DECISION
 
The decisions required are necessary in order
that the schemes within the Council’s approved Capital
programme can be delivered and necessary to approve the property
proposals as set out in this report.
 
In most cases, resources have already been
allocated to the capital schemes as part of the budget setting
exercise but spending approval is required in order for the scheme
to proceed. Where, however, resources have not previously been
allocated, resource approval is requested in this report.
 
To facilitate financial management and control
of the Council's finances.
 
'Connecting Hoxton' Greater London
Authority (GLA) Grant Award: 
Improvements to Hoxton public realm and community facilities will
deliver long term benefits to residents and businesses in Hoxton.
The proposed interventions are recommended based on the impacts
against the GLA Civic Partnership Programme objectives of expanding
the public realm; strengthening representation and authorship in
physical regeneration; and addressing the climate and ecological
emergencies.
 
The GLA contribution plays a crucial role in
helping the Council achieve its objectives related to supporting
existing green and sustainable strategies, addressing the climate
emergency, improving inclusivity and connectivity and improving
community life.
 
Proposed Granting of a Lease of
161 Northwold Road, E5 8RL: The Council’s preferred
strategy for this asset is to lease it out in order to obtain a
rental income stream. This strategy is subject to identifying a
suitable tenant with the ability to manage the building effectively
and meet the obligations of a commercial lease.
 
The Council has received a proposal at a
commercial rent that will also ensure the building is put to good
use by a well respected organisation with a clear and comprehensive
business plan and benefits to the local community. Capital
improvements including to the lift, windows and mechanical and
electrical installations will be delivered by the proposed tenant
within the first three years of the lease, subject to a reasonable
rent free period. The tenant’s business plan can be viewed at
Exempt Appendix 2
 
DETAILS OF ALTERNATIVE OPTIONS CONSIDERED AND
REJECTED
 
'Connecting Hoxton' Greater London
Authority (GLA) Grant Award: Do nothing/do not accept the grant
funding:
 
· 
The improvements to Hoxton’s community facilities, public
realm, landscaping and biodiversity would not be realised.
· 
There would be a risk to the Council’s reputation for not
accepting external funding to deliver the project as it would not
represent best value.
 
Proposed Granting of a Lease of
161 Northwold Road, E5 8RL: No action. This is not tenable
because the current use of the building by Core Clapton is on a
temporary and flexible basis. If it was terminated without another
tenant ready to take over, the Council would face very high void
costs in securing and managing this building.
 
Disposal. The Council is looking for funding
opportunities for “invest to save” measures and
transformational revenue spend. There is the potential for capital
receipts from property disposals to be used, with the appropriate
permissions, for this purpose. Disposal of this asset was
considered but rejected on the basis that a viable commercial
proposal has been identified.
 
Corporate Use. There are no viable alternative
corporate uses for this asset. The size, type, planning and local
listing status of the asset means conversion to temporary
accommodation or specialised supported housing would not be
viable.