Purpose

Acquisition of a site in SW1

Decision

Summary of
Decision
The
Cabinet Member for Finance and Council Reform has approved the
below recommendations:
·      
Acquisition of the freehold interest in Hopkinson
House, 88 Vauxhall Bridge Road, London SW1V 2RW (subject to legal
due diligence) for the price detailed in the confidential
appendix.
·      
Spend from the Temporary Accommodations acquisitions
budget to meet the cost of this purchase.
·      
Delegated authority to the Executive Director of
Finance and Resources to agree the terms of the purchase contract,
following legal due diligence, and complete the acquisition at the
approved figure.
 
Reason for
Decision
The
Council has a statutory obligation to provide housing for those in
housing need and has established an ongoing programme of temporary
accommodation acquisitions to meet increasing demand within
Westminster. Hopkinson House is being purchased with intention to
convert the building for use as temporary accommodation. It will
deliver a minimum of 33 extra in-borough temporary accommodation
units, as well as prevent the potential permanent loss of this
longstanding social housing asset to the private housing
sector.