Abbey Road Creative Industries Quarter - Options Relating to the Acquisition of 134 Residential Units
The Cabinet Member for Regeneration presented a report on an opportunity for the Council to enter into a contractual arrangement with Bouygues UK for the acquisition and management of 134 new homes at Abbey Road Creative Industries Quarter.
Bouygues UK was appointed by the London Thames Gateway Development Corporation (LTGDC) to acquire and develop the site in two phases, with 134 new residential units to be constructed in the first phase and a further 138 in the second phase. Detailed discussions between the Council and Bouygues UK had identified a preferred option whereby the Council would acquire the Phase 1 units directly through the Housing Revenue Account. The Cabinet Member advised that the proposal would assist the Council in achieving its policy objective of providing more affordable housing for local residents and referred to the options that had been discussed and the implications for the Council, and specifically the Housing Revenue Account, of the preferred option.
(i) To the acquisition by the Council of the long leasehold of 134 homes at Abbey Road Creative Industries Quarter as a new build scheme within the Housing Revenue Account;
(ii) To authorise the Corporate Director of Finance and Resources, in consultation with the Corporate Director of Housing and Environment, the Divisional Director of Legal and Democratic Services and the Cabinet Members for Finance and Education, Housing and Regeneration, to negotiate final terms and agree the contract documents to fully implement and effect the project;
(iii) To authorise the Divisional Director of Legal and Democratic Services, or an authorised delegate on her behalf, to execute all of the legal agreements, contracts and other documents on behalf of the Council;
(iv) To authorise the Corporate Director of Finance and Resources to issue, on behalf of the Council, such certificate or certificates under the Local Government (Contracts) Act 1997 to Bouygues UK (or such other bodies as may be parties to the Agreements) in connection with the Agreements; and
(v) That the Corporate Director of Finance and Resources be fully indemnified by the Council in the event of any claim against her arising from the provision of any certificates she may issue in accordance with the decision in paragraph (iv) above.
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