Purpose

Agreement to accept a development loan to
facilitate the purchase a site for housing development in
Keynsham.

Decision

To approve the development loan borrowing of
up to £3.2m from the Council on the commercial terms as set
out in the Business Case provided at Exempt Appendix 1 to deliver
this housing development.

Reasons for the decision

In accordance with the Aequus
Business Plan approved by the Shareholder in February 2025, ACL has
been working on a number of site
opportunities which have the potential to support the Aequus development pipeline and meet the
Shareholder’s financial and wider objectives for the
company.
 
The site at Keynsham Health Centre has been subject to
positive engagement and discussion over the past 12 months with NHS
Property Services Ltd. This has led to a number
of potential opportunities being identified and the ability
for Aequus, as a wholly owned Council
company, to acquire identified surplus sites directly from the
NHS.
 
The site identified as surplus at Keynsham Health Centre
has the potential, subject to planning, to support the development
of up to 7 family homes. These will be designed to
deliver:
 
• 
Good quality family
homes delivered to space standards appropriate for the development
and market.
 
• 
All homes on the site
will be developed to meet the B&NES sustainability planning
policy standards.
 
• 
All homes will benefit
from a dedicated electric vehicle charging point.
 
• 
The scheme will not be
land banked and will be progressed as a priority once full planning
is achieved.
 
ACL financial returns will support delivery of the
B&NES Council (as Shareholder) financial objectives including
the payment of Shareholder dividends.

Alternative options considered

None.