Purpose

Cabinet will consider the acquisition of a property outside of Westminster for use as temporary accommodation.

Decision

Cabinet approved the following recommendations:

·       Agree the acquisition of the property in London SE16 for £9,800,000 exclusive of value added tax based on the principal terms set out in the confidential Part B Report.

·       Agree in principle the additional capital expenditure required as per the confidential Part B appendix to bring the property and units up to a reasonable standard for temporary accommodation occupation.

·       Delegate authority to the Executive Director of Finance and Resources, following consultation with the Cabinet Member for Finance and Council Reform, to agree the terms of the purchase contract, following due diligence, including agreement on the final price of acquisition.

Reasons for Decision:

The Council has a statutory obligation under the Housing Act 1996 (Part VII) to house people in need and this portfolio of properties will assist the council in meeting this obligation.