Purpose

The Cabinet will be asked to
approve the disposal, by way of leases to the appropriate B&D
Reside entity, of developments at Roxwell Road, Barking, expected
to be completed in June 2025 and March 2026, together with
proposals relating to loan facilities and premiums to enable the
disposals.

Content

Cabinet resolved to:
 
(i)  Approve, in
principle, the disposal of the new build schemes below by the
granting of an operating leases, agreement for lease and long
leases to the appropriate Reside or Barking and Dagenham Homes Ltd
(BDHL) entity identified in the report;
 
Roxwell Road
- 
53, 55, 57 and 59 Roxwell Road, IG11 0PS
- 
Chivers House, 1 Freytress Road, IG11 0PS
- 
Walsh House, 6 Freytress Road, IG11 0PS
- 
Achey House, 16 Freytress Road, IG11 0PS
- 
2 – 5, 8, 10, 12, 14, 18, 20, 22, 24, 26, 28, 30, 32 and 34
Freytress Road, IG11 0PS
- 
Boyett House, 2 Stebbing Way, IG11 0PS
- 
4A and 4B Stebbing Way, IG11 0PS
 
(ii)  Approve, in
principle, the indicative draft Heads of Terms for leases and loans
for the Roxwell Road development 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.