Decision Maker: Cabinet

Outcome: Decision approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: September 3, 2024

Purpose: To gain approval for the acquisition of a 26 unit scheme.  

Content: Decision   For the reasons set out in the report and its appendices Cabinet RESOLVED to Agree:   i)  For the Council to acquire the freehold interest of 26 units at Chauntler Close, Custom House, London, E16 3BZ (“the Property”). 3.2. To delegate authority to the Corporate Director of Resources in consultation with the Lead Member for Housing Management and Modernisation and the Lead Member for Finance and Corporate Services to negotiate and finalise the terms and legal documentation for the acquisition in line with the terms set out at exempt appendices 1, 2 and 3 and to complete the acquisition subject to completion of the necessary due diligence; and ii)  That the Property should be leased to a suitable third party housing organisation. iii)  To delegate authority to the Corporate Director of Resources in consultation with the Lead Members for Housing Management and Modernisation and Finance & Resources to determine the arrangements for the Council’s letting of the Property in line with section 5 below and to enter into the necessary associated legal and contractual documentation   Alternatives Considered   a)  The Council could choose not to proceed with the transaction and maintain the current level of expenditure, with a provisional overspend in 2023/24 as set out in the July 2023 financial review. This option has been rejected as it would not reduce the current level of costs.