8 Appropriation and Development of Bury Street West Former Depot Site N9 9LA PDF 184 KB
A report from the Executive Director – Place is attached. (Report No.111, agenda part two also refers) (Key decision – reference number 4971)
(Report No.110)
(7.40 – 7.45 pm)
Additional documents:
Minutes:
Councillor Nesil Caliskan (Leader of the Council) introduced the report of the Executive Director – Place (No.110) outlining the proposed appropriation and development of Bury Street West Former Depot Site.
NOTED
1. That Report No.111 also referred as detailed in Minute No.17 below.
2. That this report follows on from a previous Cabinet decision in November 2014 and updated Members on the progress with this scheme. The planning permission for the site was for 50% affordable housing, 25 homes of London Affordable Rented (LAR) Council Housing and 25 homes for private sale.
3. That the report summarised a delivery approach and the appropriation of the site from the General Fund to the Housing Revenue Account.
4. The detailed proposals for the scheme as explained in the report including the housing tenure mix outlined in paragraph 3.11 of the report.
5. That Members welcomed the proposals as set out in the report.
Alternative Options Considered: NOTED, the alternative options considered as set out in section 4 of the report including: the original delivery approach; do nothing; and, sell the site to a third party to develop.
DECISION: The Cabinet agreed to
1. Appropriate Bury Street West depot from the General Fund to the Housing Revenue Account at the certified market value of £3.5m plus overage in accordance with the Heads of Terms detailed in appendix 2 of the part 2 report (Report No.111, Minute No.17 below referred).
2. Approve the increase of £20.3m to the HRA capital programme to fund the development and land purchase associated with at least 25 council homes and 25 private sale units with an option to increase proportionally at up to £250,000 per additional unit.
3. Delegate authority to the Executive Director – Place in consultation with the Cabinet Member for Finance and Procurement, the Director of Housing and Regeneration and the Cabinet Member for Social Housing:
The award of construction work contracts for the demolition and redevelopment of the site, project management and procurement arrangements including operational resourcing, design teams, and appointments for all pre and post contract construction services and the potential submission of a revised planning application.
Reason: The reasons for the recommendations, as set out in section 5 of the report were:
· To increase the supply of affordable council and private housing provision in the borough, particularly larger family homes.
· Generate an immediate capital sum to the General Fund plus the possibility of further payments.
· Enhance a listed property.
· Deliver the highest quality housing in a former MOL area.
· Generate New Homes Bonus and Community Infrastructure payments for the Council
· Provide housing that reduces the costs of the General Fund in relation to Temporary Accommodation
· Provide regeneration, social, economic and environmental improvements to the area.
(Key decision – reference number 4971)