Issue - meetings

Meeting: 28/07/2020 - Cabinet (Item 10)

10 Tatling End Housing Development, Denham pdf icon PDF 625 KB

Additional documents:

Decision:

Consilio as a wholly owned Council company, presents the Council with a great opportunity for future management of residential investment property, giving the Council flexibility and control over how the housing is used and by whom, be it for key workers or affordable housing with 100% nomination rights, as well as establishing a supply of well-maintained private rental accommodation.  For this reason and to avoid setting up a Housing Revenue Account and consequential rights to buy for tenants, it is recommended that this development is transferred to Consilio Property Ltd to manage both the market rented and affordable housing.  The transfer would be split into two transactions between the market rented properties and the affordable housing.

 

RESOLVED:

 

1.                  Cabinet noted the progress of this development and the financial details set out in part 2 of this report.

2.                  Cabinet authorised the Service Director Property and Assets in consultation with the Cabinet Member for Property & Assets and the Service Director Corporate Finance;

·        Cabinet agreed the terms of the disposal of  the development at Tatling End to Consilio Property Limited before or after Practical Completion in accordance with the values set out in Part 2 of this report, noting that the disposal  value will comply with S123 of the Local Government Act 1972.

·        Agreed the terms of the proposed funding agreement to Consilio Property Ltd to enable the transfer of the development to Consilio Property Ltd   To be authorised to complete the legal agreements in relation to the disposal of the development at Tatling End and the proposed funding agreement to Consilio Property Ltd.

3.                  Cabinet agreed to delegate to the Service Director Property & Assets in consultation with the Cabinet Member for Property & Assets and the Service Director Corporate Finance to monitor the performance of the Company and its arrangements for managing the units.

 

Minutes:

John Chilver, Cabinet Member for Property and Assets, introduced the report for the Tatling End Housing project which was a new housing development by the Council.  The development was built on the site of the former Gerrards Cross police station which was acquired by South Bucks District Council in 2016.  The appendix to the paper was a site plan which showed the project delivered a total of 34 apartments, of which 20 were intended for market rental and 14 were affordable properties.  The amount of affordable housing was more than 40% of the total; a level which was not being provided locally by any private developers and demonstrated the Council's determination to help in the delivery of affordable housing for local people.  The scheme was due to be completed in August 2020 and Cabinet was requested to approve the transfer of the site to Consilio Property Limited to manage both the market rental and affordable housing.  The Council would retain all the nomination rights to the affordable properties which had also helped reduce the numbers and costs of those in emergency or short term accommodation at the Council's expense. 

 

Isobel Darby, Cabinet Member for Housing and Homelessness, thanked South Bucks District Council for their hard work and stated she was proud of Buckinghamshire Council’s first affordable housing project.

 

The meeting went into private session to discuss the confidential appendix.  Following a brief confidential discussion, the recommendations were agreed as follows:

 

RESOLVED:

 

1.     Cabinet NOTED the progress of this development and the financial details set out in part 2 of this report.

2.     AUTHORISED the Service Director Property and Assets in consultation with the Cabinet Member for Property & Assets and the Service Director Corporate Finance:

·     To agree the terms of the disposal of  the development at Tatling End to Consilio Property Limited before or after Practical Completion in accordance with the values set out in Part 2 of this report, noting that the disposal  value will comply with S123 of the Local Government Act 1972.

·     Agree the terms of the proposed funding agreement to Consilio Property Ltd to enable the transfer of the development to Consilio Property Ltd  To be authorised to complete the legal agreements in relation to the disposal of the development at Tatling End and the proposed funding agreement to Consilio Property Ltd.

AGREED to delegate to the Service Director Property & Assets in consultation with the Cabinet Member for Property & Assets and the Service Director Corporate Finance to monitor the performance of the Company and its arrangements for managing the units.