Purpose

The Cabinet will be asked to approve the
disposal, by way of a lease to the appropriate B&D Reside
entity, of the Gascoigne East Phase 3A (Block J) scheme expected to
be completed in November 2023, together with proposals relating to
a loan facility and premium to enable the disposal.

Content

The Cabinet will be asked to approve the
disposal, by way of a lease to the appropriate B&D Reside
entity, of the Gascoigne East Phase 3A (Block J) scheme expected to
be completed in November 2023, together with proposals relating to
a loan facility and premium to enable the disposal.

Cabinet resolved
to:
 
(i)  Approve,
in principle, the disposal of the scheme below by the granting of
long leases to the appropriate Reside entity (either Barking and Dagenham Homes Ltd (company no.
12090374) or B&D Reside Weavers LLP (registered no.
OC416198);
 
Gascoigne East
Phase 3A Block J
· 
Farrimond House, 1 St Mary’s,
Barking, IG11 7SN
· 
Farrimond House, 6 St Mary’s,
Barking, IG11 7PH
· 
Farrimond House, 10 St
Mary’s, Barking, IG11 7PH
· 
Farrimond House, 13 King Edwards
Road, Barking, IG11 7ZZ
· 
2, 4,
6 and, 8 Fisherman Street, Barking, IG11 7AA
 
(ii)  Approve, in
principle, the draft Heads of Terms and loans for Gascoigne East
Phase 3A Block J to the appropriate Reside entity, as set out in
section 2 of the report;
 
(iii)  Delegate authority
to the Strategic Director, Finance and
Investment, 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; and
 
(iv)  Delegate authority
to the Head of Legal Services, 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.