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Stage One Approval for a
proposed commitment of up to £150m to a
local residential development opportunity, alongside an abortive
due diligence budget of up to £100,000.

Reasons for the decision

This commitment would
be made from the GMPVF allocation which was ratified by Policy and
Development Working Group in June 2024. It is a strategic priority
to invest in housing across the GMPVF target region. This
recommended commitment is well aligned with these
objectives.

Officers have been reviewing a potential opportunity
to develop a portfolio of local residential assets.

Substantial further due diligence is required though
which requires an abortive budget of up to £100,000. This
will be focussed on property and valuation, legal, technical and
structuring advice.
Further approvals will be sought through Investment Committee
dependent on the outcome of due diligence undertaken.