Purpose

An opportunity has arisen to retain ownership of one of the new build apartment blocks on the Waterside Development currently under construction.

Decision

To approve the retention of the New Build Apartment Block Containing Plots 281 to 288, 41 Grand Union Embankment

Leicester, LE3 5DF as agreed in the confidential Appendix A.

This would be financed from the £45m budget approved by Full Council on

21 March 2024 to be retained by the General Fund.

The retention of the apartment block will increase the supply of new Affordable Housing temporary accommodation within the General Fund for an amount as set out in Appendix A, plus Stamp Duty Land Tax and additional costs of £30k for curtains and flooring, surveys and professional fees. This will be financed through prudential borrowing from the £45m budget approved by Council for property acquisitions in the General Fund in March 2024.

To approve the internal appropriation from the Regeneration portfolio to the Corporate Landlord portfolio.

Reasons for the decision

To increase the supply of emergency homelessness for small family accommodation and to release pressure on temporary accommodation in the Housing Register.