Purpose

This report recommends Cabinet approval for
the acquisition by the Council of the acquisition of 36 homes
within a new purpose-built residential development in the Borough,
on Barking Road, Boelyn Heights
(“the Property”). The Property will deliver much-needed
affordable and accessible housing for families, to be let at London
Housing Allowance (LHA) rent

Decision

Decision
 
For the reasons set out in the report and its
appendices Cabinet RESOLVED to Agree:
 

i) 
The acquisition of the long leasehold interest of 36 units at
Boleyn Heights (“the Property”).

ii) 
To delegate authority to the Corporate Director of Resources in
consultation with the Lead Member for Housing Needs, Homelessness
and Private Rented Sector and Community Safety and Crime; and the
Lead Member for Finance and Resources to negotiate and finalise the
terms and legal documentation for the acquisition, including the
acceptance of grant, in line with the terms set out at exempt
appendices 1 and 2 and to complete the acquisition subject to
completion of the necessary due diligence; and

iii) 
That the Property should be leased to a suitable third party
housing organisation.

iv) 
To delegate authority to the Corporate Director of Resources in
consultation with the Lead Members for Housing Management and
Modernisation and Finance & Resources to determine the
arrangements for the Council’s letting of the Property in
line with paragraphs 5.3-5.11 below and to enter into the necessary
associated legal and contractual documentation.
 
Alternatives
Considered
 
a) 
The Council could choose not to proceed with the transaction and
maintain the current level of expenditure, as set out in the
December 2024 budget monitoring report. This option has been
rejected as it would not reduce the current level of costs.