Purpose

To note the project update and approve recommendations that will enable the progress of the Woolwich Exchange scheme

Decision

Approved the implementation of the Compulsory Purchase Order (“CPO”) before its expiry on 22 August 2026 and delegated authority to the Director of Place and Growth for all actions required to give effect to this which includes (but is not limited to) make vesting declarations, serve statutory notices and take necessary action to acquire the land;

Agreed and approved that the Council seeks to vary the Conditional Land Sale Agreement ("CLSA") between the Council and its Development Partner, Spray Street Quarter LLP ("SSQ") of 16 September 2016 (as further varied on 23 March 2022 and 31 January 2023) to give effect to the principal terms summarised in Exempt Appendix B of the report and delegated authority to the Director of Place and Growth in consultation with the Leader to enter into a Deed of Variation (and/or such other legal documentation as may be required) to amend the CLSA;

Agreed and approved that the Council seek to terminate the Compulsory Purchase Order Indemnity Agreement ("CPOIA") between the Council and SSQ of 16 September 2016 (as further varied on 23 March 2022 and 31 January 2023) relating to the Woolwich Exchange project and to delegate authority to the Director of Place and Growth in consultation with the Leader to enter into a Deed of Termination (and/or such other legal documentation as may be required) to terminate the CPOIA;

Approved the Scheme and Estimate as set out in Exempt Appendix D of the report to implement the CPO to facilitate the delivery of the Woolwich Exchange project;

Noted that the Council has applied for grant funding for land assembly and delivery of Affordable housing and if successful intends to enter into a Grant Funding Agreement (“GFA”) with the Greater London Authority ("GLA") to support the acquisition of properties to facilitate the delivery of the Woolwich Exchange project;

Delegated authority to the Director of Place and Growth, in consultation with the Director of Resources, to enter into the GFA and/or such other legal documentation as may be required to secure the grant funding to support the Woolwich Exchange project;

Noted that the Council will implement a strategy to address the Council’s holding and management of properties acquired to deliver the Woolwich Exchange project;

Noted the legal and financial implications set out in this report and its Appendices which will impact on the delivery of the Woolwich Exchange project; and

Agreed and approved that the contents of Appendices B, C and D to the Report be exempt from publication on the grounds that they contain information relating to the financial or business affairs of a particular person (including the authority holding that information) under Paragraph 3, Part 1 of Schedule 12A of the Local Government Act 1972 (as amended) and in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information and agreed that this exempt information contained in the confidential Appendices shall not be released to the press or public.