Decision details

Westminster Builds - Business Plan 2024/25

Decision Maker: Shareholder Committee

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decisions:

The Chair informed that the committee would move to a private session. The live stream was stopped, and all other attendees were asked to leave the room.

 

The Chair welcomed James Green and Zohaib Nizami to the meeting, and asked them to introduce the Westminster Builds business plan for 2024-25.

 

James Green spoke through the business plan, highlighting that the RCR remains stabilised at 1.2m up to 2030.

 

The Chair invited the committee to ask any questions.

 

Councillor Matt Noble asked about the future of Westminster Builds, and how they see the organisation changing, now that they’re less involved in development. James Green confirmed that the company is transitioning more into a housing management organisation, rather than the initially intended purpose of developing the homes, but that further conversations were required to ensure the company continues to serve a useful purpose for the Council.

 

Councillor Hug asked what work had been done to identify particular niches, and if the Westminster Builds model offers anything other mechanisms do not have. James Green replied that the company offers more commercial flexibility due to being at arms’ length from the Council.

 

Councillor Hug went on to ask what tenure type is their structure best suited to. James Green responded that the company has been in a period of maximum capacity in the last few years, but they are more suited to delivering multiple smaller schemes. Debbie Jackson also commented that this has worked quite well for limited risk and exposure.

 

Councillor David Boothroyd commented that Westminster Builds was primarily set up as a development arm, but asked if there is capacity to start partnering with outside bodies for the development pipeline. James Green said that their business plan outlines that they will be delivering on Ebury, and that the Council will be best placed to decide on other schemes they want Westminster Builds to deliver.

 

The Chair noted no other questions, but that they would like an update on build to rent and potential sites from Westminster Builds.

 

The Chair asked the committee to approve the business plan for Westminster Builds 2024-25. The committee indicated approval.

 

 

 

 

Publication date: 18/03/2024

Date of decision: 26/03/2024

Decided at meeting: 26/03/2024 - Shareholder Committee

Accompanying Documents: