Decision details

Brick By Brick Lender Decision - Request for approval to Dispose of Kindred House Development

Decision Maker: Executive Mayor

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

This report requests approval from the Council , acting as Lender, to allow Brick by Brick Croydon Ltd (BBB) to bulk dispose of residential units at Kindred House development at less that the market value and in accordance with  the Funding Facility Agreement.

Decision:

RESOLVED: To

 

1.1.Approve that Brick by Brick Croydon Ltd may sell the freehold of the development at Kindred House (previously called Wandle Road Car Park) which compromises 128 residential units, 3 office spaces and one commercial units for the disposal price agreed with the purchaser and under conditions as detailed in Confidential Part B of the report.

 

1.2. Note that the disposal consists of 128 residential units of which 60 are Affordable Units and which includes 41 as Shared Ownership units and the rest are 100% affordable rental properties. This mix is in line with the existing S106 agreement as attached in Appendix 2.  

 

1.3. Note consultation with the Deputy Mayor and Cabinet Member for Homes, the Cabinet Member for Finance, Chief Executive and Section 151 Officer took place on 14th September 2022 and 1st November 2022 at the Brick by Brick Shareholder Mayor’s Advisory Board.

 

1.4.To approve that the Council will withdraw the Homes for London grant allocation received from GLA with regards to Kindred House.

Reasons for the decision:

Contained within the Part A report.

 

Alternative options considered:

Contained within the Part A report.

Urgent item?: Yes

Publication date: 06/12/2022

Date of decision: 06/12/2022

Accompanying Documents: