Purpose

The Cabinet will be asked to approve the
disposal, by way of leases to the appropriate B&D Reside
entity, of the Gascoigne East Phase 3A (Block I), Gascoigne West
Phase 2 and Padnall Lake Phase 2
schemes expected to be completed in Spring 2024, together with
proposals relating to a loan facility and premium to enable the
disposals.

Content

The Cabinet will be asked to approve the
disposal, by way of leases to the appropriate B&D Reside
entity, of the Gascoigne East Phase 3A (Block I), Gascoigne West
Phase 2 and Padnall Lake Phase 2
schemes expected to be completed in Spring 2024, together with
proposals relating to a loan facility and premium to enable the
disposals.

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 entity
identified in the report;
 
Padnall Lake Phase 2
- 
1-26 Feldwick Road,
Chadwell Heath, Romford, RM6 5BF
- 
Flat 1-44 Newcombe House, Feldwick Road, Chadwell Heath, Romford, RM6
5BG
 
Gascoigne East Phase 3A Block I
- 
Trilene
House, Bowline Street, Barking
 
Gascoigne West Phase 2
- 
Chand House, St Pauls Road, Barking, IG11
7AU
- 
Plaice House, St Pauls Road, Barking, IG11
7AN
- 
Trawler House, St Pauls Road, Barking, IG11
7QH
- 
9, 11, 13, 15, 17, 19, 21, 23, 25 and 27 St Pauls
Road, Barking, IG11 7DT
- 
Fishmonger House, Healey Street, Barking, IG11
7HJ
- 
Gilderson
House, Healey Street, Barking, IG11 7EW
- 
1-12 Healey Street, Barking, IG11 7ET
- 
1-4 Sole Walk, Barking, IG11 7HE
- 
32, 34, 36, 38 and 40 Gascoigne Road, Barking, IG11
7LG
 
(ii)  Approve, in
principle, the indicative draft Heads of Terms for leases and loans
for Padnall Lake Phase 2, Gascoigne
East Phase 3A Block I and Gascoigne West Phase 2 to the appropriate
Reside entity, as set out in section 2 of the report;
 
(iii)  Delegate authority to the
Strategic Director, Resources, in consultation with the Strategic
Director, Inclusive Growth, 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,
Inclusive Growth, to execute all the legal agreements, contracts,
and other documents on behalf of the Council in
order to implement the arrangements.