Decision details

Increasing Housing Supply - purchase of Brick by Brick Trellis Mews (Avenue Road)

Decision Maker: Corporate Director of Resources (Section 151)

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

The report request approval to purchase 12 residential units known as Trellis Mews from Brick by Brick to provide additional social housing. This development has specifically been identified as potential decant space for the Regina Road project

Decision:

RESOLVED:

 

As per the Delegation by Mayor in Cabinet on 30th November 2022, the Corporate Director of Resources and Section 151 Officer, in consultation with Cabinet Member for Finance and Corporate Director of Housing, is recommended to:

 

1.1.         Approve the acquisition of 12 new homes as a bulk purchase, including the freehold of the site, from Brick by Brick for £3.377m on the terms set out in this report.

 

1.2.         Note and approve the acceptance of £1.2m of GLA funding on the terms set out in the Grant Agreement with the GLA, in connection with this purchase with the balance to come from Borrowing or internal HRA resources.

 

1.3.         Note that the budget for this has been provided within the HRA Capital Programme and the acquisition will be funded using HRA borrowing but will be reviewed at year end should the HRA have further capacity to fund the acquisition using HRA reserves.

 

Reasons for the decision:

As set out in Part A of report.

Alternative options considered:

As set out in Part A of report.

 

Interests and Nature of Interests Declared:

None

Urgent item?: Yes

Publication date: 04/04/2023

Date of decision: 28/03/2023

Accompanying Documents: