Purpose

The Cabinet will be asked to approve the
disposal, by way of leases to the appropriate B&D Reside
entity, of the Woodward Road and 12 Thames Road schemes expected to
be completed in June 2024, 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 to the appropriate Reside or Barking
and Dagenham Homes Ltd (BDHL) entity identified in the report;
 
Woodward Road
- 
Flat 1 - Flat 4, 1 Centenary Road, Dagenham, RM9
4DA
- 
Flat 1 - Flat 4, 2 Centenary Road, Dagenham, RM9
4DA
- 
1, 3 - 14, 16, 18, 20, 22, 24, 26 and 28 Centenary
Road, Dagenham, RM9 4DA
- 
Flat 1 - Flat 19, 22 Centenary Road, Dagenham, RM9
4DA
- 
Flat 1 - Flat 11, 28 Centenary Road, Dagenham, RM9
4DA
 
12
Thames Road
- 
Flat 1 - 87 Woolmore
Court, Thames Road
- 
Flat 1 - 35 Blackaby Court, Crossness
Road
- 
Flat 1 - 24, Fewell Court, Crossness Road
 
(ii)  Approve, in
principle, the indicative draft Heads of Terms for leases and loans
for the Woodward Road and 12 Thames Road 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 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;
 
(iv)  Delegate authority
to the Head of Legal, in consultation with the Strategic Director,
Resources, to execute all agreements, contracts and other documents
on behalf of the Council in order to implement the arrangements;
and
 
(v)  Approve the
application of a service charge to all new London Affordable Rent
(LAR) properties and to existing Reside LAR properties as they come
up for renewal.