Agenda item

Cabinet:

• Agreed to the Council entering into direct negotiations with landowners to purchase up to 23 residential properties on Waterloo Road and Oldchurch Road, Romford through private treaty.

• Agreed to delegate to the Director of Regeneration authority to take all necessary steps to enable and complete the acquisitions outlined in Resolution 1 above following consultation with the Director of Finance; that includes the authority to approve the terms to enable of the acquisition by private treaty, any financial arrangements for relocation of current land owners or tenants, completion of relevant agreements and appointments of relevant professionals.

• Agreed following agreement on resolutions 1 and 2 above to agree to recommend to Council to include sufficient financial provision as set out in Appendix A, to enable the private treaty purchase of the 23 residential properties on Waterloo Road and Oldchurch Road, Romford.

• Noted that the transfer of the properties acquired via this Cabinet decision may be transferred to the Bridge Close Regeneration LLP in accordance with the terms set out in the Land Acquisition Strategy, the Land Agreement and the Members Agreement. 

Councillor Damian White, Leader of the Council, introduced the report.

The Bridge Close redevelopment area includes residential properties, which front onto Waterloo Road and Oldchurch Road. These are owned by the Council, the Bridge Close Regeneration LLP (the Joint Venture) and private owners.

The report proposed that the Council seek to purchase all of the privately-owned residential properties not in Council or Joint Venture ownership through private treaty. The expected cost of acquiring the residential properties not in Council or Joint Venture ownership is set out in an exempt appendix to the report (Appendix A).

It is proposed that properties acquired may be subsequently transferred to the Joint Venture as part of the Council’s equity contribution as agreed by Council in February 2018, and in accordance with the terms of the Joint Venture legal agreements signed in April 2018. Prior to transferring to the Joint Venture, it is proposed that the properties be used as temporary accommodation, to assist to reduce General Fund pressures around homelessness.

The proposal constitutes an adjustment to the HRA Capital programme to provide sufficient funding for the Council to acquire the privately owned residential properties through private treaty.

Cabinet:

• Agreed to the Council entering into direct negotiations with landowners to purchase up to 23 residential properties on Waterloo Road and Oldchurch Road, Romford through private treaty.

• Agreed to delegate to the Director of Regeneration authority to take all necessary steps to enable and complete the acquisitions outlined in Resolution 1 above following consultation with the Director of Finance; that includes the authority to approve the terms to enable of the acquisition by private treaty, any financial arrangements for relocation of current land owners or tenants, completion of relevant agreements and appointments of relevant professionals.

• Agreed following agreement on resolutions 1 and 2 above to agree to recommend to Council to include sufficient financial provision as set out in Appendix A (exempt), to enable the private treaty purchase of the 23 residential properties on Waterloo Road and Oldchurch Road, Romford.

• Noted that the transfer of the properties acquired via this Cabinet decision may be transferred to the Bridge Close Regeneration LLP in accordance with the terms set out in the Land Acquisition Strategy, the Land Agreement and the Members Agreement.