Purpose

To
gain approval for the acquisition of a 26
unit scheme.
 

Decision

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 26 units at
Chauntler Close, Custom House, London, E16 3BZ (“the
Property”). 3.2. 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;
and

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

iii) 
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 section 5 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.