Deed of Variation to the existing acquisition agreement of the former Paddle Steamer site in Butetown for a package deal of 28 new apartments for council housing
August 10, 2023 Corporate Director of People and Communities (Officer) Key decision Awaiting outcome View on council websiteThis summary is generated by AI from the council’s published record and supporting documents. Check the full council record and source link before relying on it.
Summary
...to vary the terms of the sale agreement for 28 new apartments at the former Paddle Steamer site to allow for sectional quarterly payments of the balance of the purchase price to the developer, assisting cashflow and mitigating interest payments.
Full council record
Decision
Appendix 1 of this report is not for publication as it contains exempt information of the description contained in paragraphs 14, 16 and 21 of Schedule 12A of the Local Government Act 1972.
AGREED that a Deed of Variation be entered to vary the terms of the fixed price sale agreement entered into with Willowmead Holdings Ltd for the sale of 28 newly constructed apartments at the former Paddle Steamer site in Butetown. This will allow for the balance of the purchase price to be paid in sectional quarterly payments to be made in arrears to the Developer to assist cashflow and mitigate interest payments.
Reasons for the decision
To enable Communities & Housing to purchase the new development for new Council housing within the Housing Revenue Account (HRA) and to offset inflationary cost increases that have occurred since the original Cabinet Decision was made on the 12th December 2019.
Details
| Outcome | For Determination |
| Decision date | 10 Aug 2023 |
| Subject to call-in | Yes |