Acquisition of Residential Accommodation in Hayes
Additional documents:
Minutes:
RESOLVED:
That Cabinet:
1) Notes the progress made following the decision by Cabinet on 18 April 2024 to progress the purchase of the residential properties (HPH3) in Hayes to meet local housing needs, including; positive progress to date on due diligence; a negotiated reduction off the purchase price and a successful grant application to the Greater London Authority (GLA) for £19.2m, representing approximately 50% of the purchase price, a grant which Cabinet duly accepts.
2) Agrees to complete the purchase of the HPH3 development in Hayes, strictly subject to the final outcome of all due diligence to the satisfaction of the Council, for the total purchase price as set out in the report, along with the £19.2m of grant funding towards the purchase, from the GLA.
3) Delegates authority to the Corporate Director of Place, in consultation with the Leader of the Council and Cabinet Member for Property, Highways and Transport and Cabinet Member for Residents’ Services, to finalise all necessary matters in completing the purchase, again strictly subject to final due diligence activities being completed satisfactorily.
4) Authorises the release of capital funds, at the value set out in the report, from the HRA Acquisition and Development Budget, to supplement the GLA grant funding, to secure the purchase of the site.
5) Authorises adoption of the Local Lettings Policy for the property in Hayes, upon successful acquisition (Appendix 1), and to the release of the Policy into the public domain at the relevant time.
Reasons for recommendation
Following Cabinet’s decision in April 2024 to progress the due diligence to support the potential acquisition of a residential development in Hayes, along with noting the successful GLA grant application of £19.2m towards it, Cabinet agreed the necessary decisions to complete the acquisition. Cabinet also agreed a local lettings policy for any future use of the property.
Alternative options considered and rejected
Cabinet considered various options, as set out in the confidential report and the previous report it considered in April 2024.
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Relevant Select Committee |
Corporate Resources & Infrastructure |
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Expiry date for any scrutiny call-in / date decision can be implemented (if no call-in) |
Cabinet’s decisions can be called in by a majority of the Select Committee by 5pm, 5 July 2024. If not called-in, it can be implemented after this time/date. |
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Officer(s) to action |
Karrie Whelan |
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Directorate |
Place |
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Classification |
Private - Whilst the Cabinet's decisions above are always made public, the officer report relating to this matter is not because it was considered in the private part of the meeting and contained information relating to the financial or business affairs of any particular person (including the Authority holding that information) and the public interest in withholding the information outweighed the public interest in disclosing it in accordance with Section 100(A) and paragraph 3 of Part 1 of Schedule 12 (A) to the Local Government Act 1972 (as amended).
Urgency provisions – The Leader of the Council agreed the report relating to this decision as an urgent item. The Chair of the Corporate Resources & Infrastructure Select Committee also agreed the matter was urgent and could not reasonably be deferred in order for it to be considered at Cabinet. This decision was, therefore, taken under special urgency provisions in accordance with the Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations 2012. |