The Bexley Council Cabinet Committee met to discuss the progress of the BexleyCo Limited Business Plan 2025-2034. The committee noted the progress made by BexleyCo against their approved business plan, and also noted the updated risk register.

BexleyCo Business Plan Update

The Cabinet Committee reviewed the progress of the BexleyCo Limited Business Plan 2025-2034. The plan focuses on residential development on a build-for-sale basis across ten sites, expected to deliver 492 properties, including affordable homes. This is a decrease of 12 properties from the original plan due to design changes at the Erith High Street and Sidcup Manor House sites.

The report outlined progress on various development sites:

• River Haven Court, West Street, Erith: Construction of 30 apartments completed in April 2025, marketed as River Side West.
• Former Sidcup Library: Construction is on schedule, with a target completion date by the end of 2025, providing 32 apartments.
• Walnut Tree Depot, Erith: Planning consent achieved in April 2024 for 65 apartments and a commercial unit.
• Lesney Park: The site is consented for 17 houses and 8 affordable rented apartments, but remains on hold pending resolution of a Section 28A/S.256 charge with the NHS[^1]. [^1]: Section 28A grants were a type of grant paid to local authorities by the NHS to fund capital projects. Section 256 of the NHS Act 2006 allows the NHS to make payments towards expenditure incurred by local authorities.
• Bursted Woods: The planning application is progressing for 121 homes, including the conversion of the listed former maternity hospital.
• Erith High Street (Post Office and WDS Signs): Design phase is being finalised under a Planning Performance Agreement (PPA)[^2], with a planning application expected soon for 33 apartments and two commercial units. [^2]: A Planning Performance Agreement is a tool used to manage the planning application process. It is a voluntary agreement between a local planning authority and an applicant.
• Sidcup Manor House: The council will sell the Manor House to a third party, while BexleyCo will develop 9 houses on the remainder of the site.
• Burr Farm: The design for 70 new homes is being undertaken using the PPA approach, with a planning application targeted for August 2025.
• Belvedere Family Centre: A development of approximately 90 new apartments with commercial space is proposed, with discussions underway with the NHS for a potential GP surgery.
• Crayford Manor House: Options are being explored for this site to deliver approximately 17 new homes, but progress is dependent on resolving legal and land issues.

The approved business plan forecast a development profit of £46.448m, which has been reduced by £0.522m to £45.925m. This is due to a reduction in profit for the Sidcup Manor House development and a reduction in profit from council pipeline land, partially offset by an increase in the expected profit from the Sidcup Library development.

The report noted that the council is considering selling one of the pipeline sites on the open market, rather than through BexleyCo, in order to bring forward receipts.

The Council is currently considering it's short- and medium-term strategic options regarding the pipeline site.

The expected profit after tax over the duration of the business plan is forecast to be £31.140m, compared to £31.292m in the Business Plan.

Governance and Resources

The board currently consists of a full-time Managing Director and three part-time Non-Executive Directors. Matthew Norwell, the Council's Director of Place, joined the board in January 2025.

Strategic Risks

The BexleyCo Board reviews risks regularly at both strategic and operational levels. Key risks include adverse housing market trends, construction market conditions, and the impact of the Building Safety Act¹.