Purpose

Disposal of the council’s
freehold interest

Decision

1. 
That the Contract for Sale
between the Mayor and Burgesses of the London Borough of Southwark
and the adjoining owner in regard to Land on the South East Side of
Devonshire Grove and 761 & 762 Old Kent Road, SE15 1NJ be
terminated.
 
2. 
That on termination of the
Contract an Option Agreement is entered into for the sale of three
land parcels at Land to rear of 745-775 Old Kent Road, as shown
edged red in Appendix 1 between London Borough of Southwark and the
adjoining owner and their development partner.
 
3. 
That the Council enters into a
Funder Agreement with the Developer’s Funder containing the
Council's consent to the Funder having security over the Option
Agreement and the agreement by the council directly with the Funder
to comply with the Step-In provisions of the Option.