Decision details

RESOLVED that Cabinet: -

(a)           Approves the acquisition of the land and buildings known as Carters Quay outlined in red on the attached plan marked Appendix B, which will include the consented Build to Rent residential housing scheme as described in para 1 of this report;

(b)           Approves the payment of the purchase price for Carters Quay as set out in the confidential Appendix A;

(c)           Authorises the Corporate Property Officer in consultation with the Leader of the Council, the Council’s Section 151 and Monitoring Officer to agree the detailed provisions of all legal structure and documentation and enter into the relevant contract/(s);

(d)           approves the intention to grant up to 50-year lease to Seascape Homes and Property Limited subject to their board approval on terms to be agreed by the Corporate Property Officer, in consultation with the Monitoring Officer; and

RECOMMENDED that Council approve: -

(a)           the Capital Investment Programme be amended to include provision for this acquisition to be funded by prudential borrowing, as detailed in the confidential part of this report, and authorises the Section 151 Officer, in consultation with the Portfolio Holder for Finance, to determine the detailed funding arrangements for the forward purchase of the BTR scheme

Voting: Unanimous

Portfolio Holder: Regeneration, Economy and Strategic Planning

NOTE: Council approval is required for the acquisition of the land, this approval will be sought at Council on the 14 September. 

Reason

To kick start the regeneration of the wider Holes Bay, Poole area through the delivery of this new high quality residential led development.

To contribute to the Council’s Corporate vision, specifically helping to create dynamic places, investing in the homes our communities need, revitalising and re-inventing our high streets and local centres in line with the vision set out in the Big Plan.

The proposals are in accordance with the Capital Investment Strategy (Non-Treasury) 2020-2025 (CIS) objectives and the criteria adopted by Cabinet on 18 March 2020. They are also consistent with the HM Treasury consultation response to the document: ‘Public Works Loan Board: Future lending terms’ which came into effect on 26 November 2020.