Decision

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

i) 
For the Council to acquire the freehold interest of Olympus House,
60 - 62 Barking Road East Ham London E6 3BP (“the
Property”).

ii) 
To delegate authority to the Corporate Director of Resources in
consultation with the Lead Member for Housing Management and
Modernisation and the Lead Member for Finance and Corporate
Services to negotiate and finalise the terms and legal
documentation for the acquisition in line with the terms set out at
exempt appendices 1, 2 and 3 and to complete the acquisition
subject to completion of the necessary due diligence.
 
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 5.3-5.9 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, with a provisional overspend in
2023/24 as set out in the July 2023 financial review. This option
has been rejected as it would not reduce the current level of
costs.
 
b) In the absence
of an agreement between Local Space or Future NewHome for the lease
arrangements, the Council will look to appoint an alternative
housing organisation to lease the units, ensuring value for money
for the Council.