Purpose

To approve the acquisition of a property
portfolio for use as temporary accommodation.

Decision

Cabinet approved the
following recommendations:

·      
Approved the principle of proceeding with the acquisition of the
Property for a sum of up to £27,500,000 (TWENTY-SEVEN MILLION
FIVE HUNDRED THOUSAND POUNDS) exclusive of value added tax based on
the principal terms set out in Part B of this report.

·      
Approved in principle the additional capital expenditure required
as detailed in Part B of this report, to bring the Property and its
flats up to a reasonable standard for temporary accommodation
occupation and to cover the stamp duty land tax costs and other
costs associated with the acquisition.

·      
Delegated authority to the Executive Director of Finance and
Resources, following consultation with the Cabinet Member for
Finance and Council Reform, subject to all necessary due diligence,
to agree the commercial terms of the acquisition of this Property
including final price and enter to all associated legal agreements
and documentation.
 
Reasons for Decision: The acquisition
is part of wider Council strategy to address the growing problem of
homelessness within Westminster, to build resilience into the
Council’s temporary accommodation estate and to mitigate the
escalating costs of addressing homelessness through the use of
emergency accommodation.