Decision details

Watermeadow Court Termination of Land Sale Agreement and Edith Summerskill House Extension of Conditional Period

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes


Termination of Land Sale Agreement at Watermeadow Court


That Cabinet:


1.    Notes that Appendix A and B are not for publication on the basis that they contain information relating to the financial or business affairs of any particular person (including the authority holding that information) as set out in paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended).


2.    Approves the termination of the WMC Land Sale Agreement and delegates authority to the Strategic Director for the Economy, in consultation with the Borough Solicitor, to agree the final form of the legal document(s) of a “Deed of Variation” required for the termination and to enter into it;


3.    Approves the payment of £3,491,066 (to be funded from a new general fund capital budget financed by an increase in the Council’s Capital Financing Requirement) to the HFS Developments 2 Ltd (being the joint venture company established pursuant to the Joint Venture Agreement) to terminate the WMC Land Sale Agreement in line with the payment structure as set out in the detailed analysis section 15 below; and


4.    Approves to vary the ESH Land Sale Agreement to extend the conditional period to 14 June 2021 by way of a deed of variation and enter into it.


Report author: Kharon Williams

Publication date: 12/05/2020

Date of decision: 11/05/2020

Decided at meeting: 11/05/2020 - Cabinet

Effective from: 15/05/2020

Accompanying Documents: