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Transfer of the intermediate rent homes being built at the Farm Street Development to Westminster Builds
Decision Maker: Cabinet Member for Finance and Smart City
Decision published: 25/03/2021
Effective from: 31/07/2021
The Cabinet Members for Communities and Regeneration and the Cabinet Member for Finance and Smart Cities:
· Approved the Outline Business Case on the basis that there is an opportunity to deliver a housing led scheme in line with the Council’s strategic objectives
· Agreed that Option 4C is the Preferred Way forward for this development site:
o 100% Affordable residential scheme- CSH at social rent and general needs block at intermediate rent (75% London Living Rent and 25% Lower quartile rent)
· Agreed the number and tenure of affordable housing as set out below:
o 34 Community Supportive Homes and 18 General Needs Intermediate Rental Homes
· Approved direct development as the delivery option for the scheme
· Noted the expenditure to date
· Approved additional expenditure to progress the scheme to Final Business Case (FBC) stage
· Authorised the Executive Director of Growth, Planning and Housing, the Bi-Borough Director of Law, to deal with all legal arrangements to affect the recommendations set out in this report, including entering into S106 agreement.
· Delegated authority to the Executive Director of Growth Planning and Housing to enter into contracts as necessary for the completion of the scheme, including contracts for enabling works.
Reasons for Decision
· The Council is satisfied that the redevelopment will contribute towards meeting the City for All objectives, in particular; Greener and Cleaner City, Vibrant Communities and Civic Leadership and Responsibility.
· The development will contribute 52 new affordable homes towards the councils affordable housing targets.
· The outline business case has shown there is a strong Strategic, Economic, Commercial, Financial and Management case to progress to RIBA 4 and delivery phase.
Wards affected: West End;
Lead officer: Timothy Hampton