The report before Cabinet introduced by the Leader, Councillor Roger Ramsey detailed the regeneration of Bridge Close and the approval sought to establish a Limited Liability Partnership to deliver the scheme which will include a school, health centre and affordable housing.
The objective is to secure comprehensive regeneration in an area which currently consists of poor dated housing and light industrial units. The site is bordered by the River Rom to the east and the railway to the north. The ring road is on both other sides and this has created an island effect. The east west link in particular will benefit the regeneration of the whole of west Romford.
A number of options for the regeneration have been considered. The proposed JV LLP will be set up for the specific purpose of developing the Bridge Close site to meet the Council’s regeneration objectives. The London Borough of Havering and First Base BCR will each have a 50% membership with the Council retaining the freehold of the entire site.
It is anticipated that a planning application will be submitted mid-2018. The key outcomes based on current modelling are envisaged to be:
· 1,070 new homes (including at least 30% affordable homes);
· a 3 form entry primary school;
· a local health facility;
· commercial floor space, likely to be flexible workspace and small retail/ leisure;
· a new pedestrian and cycle bridge from Bridge Close to near Romford station;
· environmental improvements to the River Rom; and
· a site of religious worship (on or off-site).
· Support to the provision of ambulance service facilities to serve the Havering area.
This will form an important part of the masterplan to regenerate central Romford and generate much needed housing.
As well as being an investor, First Base Limited will provide project and developmental management services to the JV LLP via the Development Management Agreement.
The business will be brought to Cabinet for approval each year and Saville’s will provide a guarantee in respect of First Base. Compulsory purchase will be invoked and will give rise to a very generous compensation package and officers will now move to finalise this.
The legal and financial framework will go to Council in February, 2018.
Following discussion,
Cabinet:
Subject to the approval of the required budget and funding at recommendation 1 above, that Cabinet:
· Members’ Agreement;
· Land Agreement;
· CPO Indemnity Agreement;
· Any ancillary agreements or documents necessary to give effect to the setting up of the JV LLP in accordance with this Report and its appendices (all as described in the Legal Summary appended to the exempt agenda report).