Decision Maker: Cabinet

Outcome: Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: May 20, 2025

Purpose: The Cabinet will be asked to approve the disposal, by way of leases to the appropriate B&D Reside entity, of developments at Roxwell Road, Barking, expected to be completed in June 2025 and March 2026, together with proposals relating to loan facilities and premiums to enable the disposals.

Content: Cabinet resolved to:   (i)  Approve, in principle, the disposal of the new build schemes below by the granting of an operating leases, agreement for lease and long leases to the appropriate Reside or Barking and Dagenham Homes Ltd (BDHL) entity identified in the report;   Roxwell Road -  53, 55, 57 and 59 Roxwell Road, IG11 0PS -  Chivers House, 1 Freytress Road, IG11 0PS -  Walsh House, 6 Freytress Road, IG11 0PS -  Achey House, 16 Freytress Road, IG11 0PS -  2 – 5, 8, 10, 12, 14, 18, 20, 22, 24, 26, 28, 30, 32 and 34 Freytress Road, IG11 0PS -  Boyett House, 2 Stebbing Way, IG11 0PS -  4A and 4B Stebbing Way, IG11 0PS   (ii)  Approve, in principle, the indicative draft Heads of Terms for leases and loans for the Roxwell Road development to the appropriate Reside or Barking and Dagenham Homes Ltd entity, as set out in section 2 of the report;   (iii)  Delegate authority to the Strategic Director, Resources, in consultation with the Head of Legal, to agree and finalise the terms of the loans, leases and any other associated documents, and to take any steps necessary to ensure compliance with s123 of the Local Government Act 1972 and the Subsidy Control Act 2022 provided that such action does not materially affect the approvals granted by Cabinet; and   (iv)  Delegate authority to the Head of Legal, in consultation with the Strategic Director, Resources, to execute all the legal agreements, contracts, and other documents on behalf of the Council in order to implement the arrangements.