Issue details

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

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 type: Key

Reason Key: Expenditure > £1,000,000;

Decision status: For Determination

Wards affected: Fairfield;

Notice of proposed decision first published: 24/11/2022

This decision will be taken under urgency procedures.

Reason for urgency:
Due to uncertainty with regards to the sale the Council did not anticipate that a decision would be required. An agreed price between BBB and the buyer was confirmed last week.
BBB need the Council to approve the disposal as per the details explained in Part A and Part B of the report. The need to move at pace to secure exchange on BBB properties is key so that the Council can deliver on its strategic aim with regards to BBB.

Anticipated restriction: Part exempt  - View reasons

Financial Impact: Expenditure or savings of up to £1,000,000;

Decision due: 2 Dec 2022 by Executive Mayor

Lead member: Cabinet Member for Finance

Lead director: Interim Corporate Director of Resources (Section 151)

Department: Resources Directorate

Contact: Nish Popat, Interim Head of Corporate Finance Email: nish.popat@croydon.gov.uk.