Purpose

1.The purpose of this report relates to the proposed £42.4m loan facility to be taken by the Manydown Development Vehicle LLP (MDV LLP) in respect of the development site at Manydown North in Basingstoke acquired in 2024.
2. The report seeks approval to an updated position since the substantive in principle approval secured from the Executive Member for Corporate Services at their meeting of 24 March 2026, as the loan funding is to be provided by a different albeit wholly owned Homes England lending vehicle, the National Housing Bank Ltd.
3. The report also seeks a further approval to a revised passing rental position since the outcome of a rent review on the long-leased part of the Manydown land was reported to the same meeting of the Executive Member.