Purpose

The Cabinet will be asked to approve the
disposal, by way of leases to the appropriate B&D Reside
entity, of the Town Quay Wharf and Transport House developments
expected to be completed in January 2025, together with proposals
relating to a loan facility and premium to enable the
disposals.

Content

Cabinet resolved to:
 
(i)  Approve, in
principle, the disposal of the new build schemes below by the
granting of long leases to the appropriate Reside or Barking and
Dagenham Homes Ltd (BDHL) entity identified in the report;
 
Town Quay Wharf
Ø 
Flat 1 – 62 Mercia Peak, 24A Abbey Road, Barking IG11 7WU
 
Transport House
Ø 
34, 38, 40, 42, 44, 46 and 50 New Road, Dagenham, RM9 6YS
Ø 
Union House, 36 New Road, Dagenham, RM9 6GR (Core A)
Ø 
Transport House, 48 New Road, Dagenham, RM9 6GS (Core B)
 
(ii)  Approve, in
principle, the indicative draft Heads of Terms for leases and loans
for the Town Quay Wharf and Transport House developments to the
appropriate Reside or Barking and Dagenham Homes Ltd entity, as set
out in section 2 of the report;
 
(iii)  Delegate authority to the
Strategic Director, Resources, in consultation with the Head of
Legal, to agree and finalise the terms of the loans, leases and any
other associated documents, and to take any steps necessary to
ensure compliance with s123 of the Local Government Act 1972 and
the Subsidy Control Act 2022 provided that such action does not
materially affect the approvals granted by Cabinet; and
 
(iv)  Delegate authority to the
Head of Legal, in consultation with the Strategic Director,
Resources, to execute all the legal agreements, contracts, and
other documents on behalf of the Council in
order to implement the arrangements.