Purpose

The Council (HRA) entered into a development
agreement to purchase 65 homes on the development at New Fosseway
in partnership with New Fosseway LLP in June 2024
Due to the change in the HRA financial position and Business Plan,
the decision was made to terminate the contract for the purchase of
these homes, subject to a suitable alternative affordable housing
provider being found by the LLP, at Full Council on 25 February
2025 with the final sign off delegated to the Executive Director in
consultation with the Chair of the Homes and Housing Delivery
Board
A suitable alternative offer has been received which allow Bristol
City Council to now terminate the contract, subject to the write
off up to £110k in abortive costs and up to £365k in an
undervalue.

Content

Terminate the development agreement on the
purchase of 65 homes at the New Fosseway development
Termination includes the financial write off, of up to £110k
in legal and technical costs and the write off, of the undervalue
of the offer from the RP to the LLP of up to £365k.