Purpose

Westminster City Council proposes to acquire a property portfolio.??

This acquisition will:?

• Expand the Council's TA housing stock?

• Provide quality accommodation for residents in need?

• Enable direct management of these properties?

• Support the Council's housing strategy objectives?

Decision

Cabinet approved the following recommendations:

• Agree the acquisition of the property in London N14 for £6,680,000 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.