Decision Maker: Cabinet Member for Finance, Property and Regeneration
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Cabinet Member approval sought for affordable units acquisition.
1. That the Cabinet Member for Finance, Property and Regeneration approved the acquisition of 130 affordable units at West End Gate for £32.0m.
2. That the Cabinet Member for Finance, Property and Regeneration approved the bringing forward £13.0m of budget into 2018/19 in order to make the initial golden brick payment and noted that based on current levels of forecast expenditure and capital receipts, this will require additional borrowing of £13.0m in 2018/19.
3. That the Cabinet Member for Finance, Property and Regeneration noted that an additional £7.1m of overall funding was required, financed through the increased Capital receipt on Cosway Street (£2.1m) and that there would be a £1m per annum reduction for five years on the Self-financing scheme.
Reasons for Decision
Westminster City Council specifically require additional social rent homes and intermediate homes to facilitate the regeneration of Church Street and rehouse overcrowded families in Parsons House North, Little Venice. The availability of homes for re-housing tenants and leaseholders is a key factor in WCC’s ability to deliver the planned regeneration scheme in Church Street. The affordable units at West End Gate will provide an excellent ‘local’ offer for residents in Church street and therefore should greatly assist decant negotiations and provide greater certainty around deliverability, costs and timescales. Without these units, WCC may find other re-housing options difficult to locate and acquire and may end up costing considerably more, as well as other potential cost implications of delays to the project if vacant possession cannot be secured at Church Street.
Publication date: 12/11/2018
Date of decision: 12/11/2018
Effective from: 20/11/2018