Purpose

To consider additional information on the
disposal of vacant housing land to ThamesWey for the Yellow phase
of the regeneration project along with an update on the disposal of
remaining development parcels and confirm agreement to proceed with
both transfers.

Content

The Executive Resolved

That  (i)    in response to the HRA Forensic Review
reported to Council on 25 September 2025, the Council transfers the
vacant Housing land for Yellow phase of the Sheerwater regeneration
project to ThamesWey Developments Limited for the revised sum of
£3,029,811 (comprising £2,504,511 debt value, plus the
reimbursement of £525,300 of costs incurred by the HRA in
compensating tenants);

         
(ii)   it be confirmed that the
remaining three development land parcels should be sold freehold to
the selected bidder as previously approved by the Executive on the
14 November 2024 in the light of the additional information
included within the
Exempt Part 2 Report; and

         
(iii)  authority be delegated to the
Strategic Director - Communities, in consultation with the
Portfolio Holder for Housing and the Director of Legal and
Democratic Services, to take all necessary steps to effect the
recommendations in (i) and (ii), including entering into any
necessary legal documents.

Reason: To support the continued delivery of the
Council’s vision for the Sheerwater regeneration, but on a
smaller scale and with less reliance on public funds.