Decision details

This report seeks the approval of the Corporate Director of Children, Young People and Education under the powers delegated to them via Cabinet in October 2024 to enter into Heads of Terms in relation to sale and leaseback of the property that is 90 Central Parade, New Addington. The Cabinet paper in October 2024 agreed for the Council to sell and leaseback the Social Services building to provide for Housing needs for care experienced young people. 

Heads of Terms (HoTs) have been agreed with the Investor as detailed within Part B of this report and the terms are in line with Cabinet report with further adjustments. At this stage the request for approval requires that the Council enter into the HoTs, which are subject to Contract and due diligence. The HoTs for the Sale and Headlease, Underlease and Nomination Agreement are provided within Part B Appendices of A, B, C respectively.

The team will now progress to detailed legal work and a further report will be brought back for Corporate Director of Children, Young People and Education to enter into the final legal agreements. 

For the reasons set out in the report (Part A & B) and its PART B appendices, the Corporate Director of Children, Young People and Education in consultation with the Executive Mayor, Cabinet Member for Finance, Cabinet Member for Homes, Cabinet Member for Children and Young People, Corporate Director of Resources, Corporate Director of Housing and Director of Commercial Investment and Capital AGREED: 

1. to enter into the HoTs as detailed within Part B of this report for Sale and Headlease, Underlease and Nomination Agreement.