The Shareholder Committee met on the 29th of January 2025 and approved the proposed business plan for the redevelopment of Church Street Site A. They also approved the appointment of two new company directors to four new council owned subsidiaries.

Church Street Redevelopment

The most significant item on the agenda at the Shareholder Committee was the approval of the Church Street Regeneration LLP business plan for 2025/26.

The Church Street Regeneration LLP is a partnership between Westminster City Council and Mount Anvil, a London-based property developer. The partnership will see the redevelopment of Site A, a large area of land in the Church Street area of Westminster, which is currently home to a number of council-owned buildings, including a library, market and storage facility.

Under the Joint Venture legal agreements, the Council in its role as member of the LLP needs to approve any updates to the Business Plan.

- Shareholder Committee Report, 29 January 2025

The business plan sets out how the partnership will deliver 430 new homes, of which 215 will be 'affordable', a new library, commercial units and market storage. It was approved by the Committee, and the updated plan will now form part of the legal agreement between the council and Mount Anvil.

The council's original plans for the wider Church Street area (Church Street Masterplan) were controversial, with critics arguing that they would lead to the displacement of existing residents and businesses. The most recent (2020) version of the masterplan pledges to deliver a significant number of new affordable homes in the area, but some residents remain concerned about the impact of the development.

Appointment of Directors

The committee also discussed the appointment of two new company directors, Heather Clarke, the Director of Housing Needs, and Rikin Tailor, the Director of Finance, to four new council-owned subsidiary companies:

• Westminster TA 1 Ltd
• Westminster TA 2 Ltd
• Westminster TA Nominee 1 Ltd
• Westminster TA Nominee 2 Ltd

These companies have been created to allow the council to purchase properties to be used as temporary accommodation. They will be able to borrow money from institutional investors and pension funds at competitive rates, and offer security on those loans against their assets. This will help the council to increase its stock of temporary accommodation at a time when it is facing increasing demand.

The four new companies are wholly owned by the council. This means that the council is the sole shareholder in the companies, and that it has ultimate control over their activities.

Related decisions regarding the acquisition of temporary accommodation will be considered by Cabinet Committee.

- Shareholder Committee Report, 29 January 2025