Decision - Homes for Brighton & Hove - Sackville Trading Estate

This report recommends the purchase and development for affordable housing of part of the Sackville Trading Estate by the Homes for Brighton & Hove joint venture.

1)             Cabinet agrees the budget of up to £30.166m to be included within the Housing Revenue Account (HRA) Capital Investment Programme from 2024/25 and to purchase 183 Social Rented Units at Sackville Trading Estate on the terms as set out in this report.

2)             Cabinet agrees to the drawdown by Homes for Brighton & Hove under their current facility agreement with the Council as further set out in Part 2 of this report.

3)             Cabinet agrees that the surpluses/profit generated from the project should be earmarked to replenish reserves used within the HRA and General Fund to support this project through the development phase.

4)             Cabinet agrees to enter into a Delivery Partner Agreement with Homes England in respect of the grant contribution allocated to the 183 Social Rented Units to be purchased by the council.

5)             Cabinet delegates authority to the Corporate Director City Services in consultation with the Cabinet Member for Finance & City Regeneration, to take the steps necessary to agree and complete:

(a)      An Agreement for Lease (including Golden Brick requirements) in respect of the 183 Social Rented Units at Sackville Trading Estate

(b)      A Lease in respect of the 183 Social Rented Units

(c)      The Homes England Delivery Partner Agreement

(d)      The advance of the working capital funding pursuant to the 2017 loan agreement with HBH

Any other relevant ancillary legal and financial documents necessary to deliver the project to give effect to recommendations 1, 2 and 4 above.