Decision details

Dollis Valley Regeneration - Phase 2 (Lease and Mortgages)

Decision Maker: Strategic Director for Commissioning

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

Phase 1 of the Dollis Valley regeneration scheme is now nearing completion. In accordance with the decision of Assets, Regeneration and Growth Committee of 8th September 2015 the Council needs to hand over the next development phase, known as Phase 2a This will be achieved by entering into a deed of variation of the Development Agreement to provide for the grant of a development Lease of Phase 2a, being land which is not currently subject to residential occupation. The development lease of phase 2b will be completed once vacant possession of that additional land is obtained, it is anticipated towards the end of 2015.  

 

Associated with the hand over of this phase, the council needs to obtain vacant possession of a block of residential properties, 1 to 15 The Ridge. The acquisition of these houses is underwritten by a Compulsory Purchase Order with a vesting date of 30th March 2015.

 

Under the terms of the Development Agreement leaseholders on the estate have been offered the option of reinvesting the value of their existing properties into a shared equity purchase of a new home on the estate, under which agreement the Council would purchase and hold the balance of the equity.

 

In Phase 2 five leaseholders have opted to take up the Council’s offer and the Council now needs to provide the funding of the equity that it will retain in these five homes so that Countryside can complete the sales and move the leaseholders out of the homes which will need to be demolished for the next phase.

 

Prior to the grant of the Development Lease of phase 2a the Council needs to extinguish any private rights over the land that may exist in order to enable the development to proceed in accordance with the planning permission.

 

The majority of this land was formerly public Highway with the remainder being predominantly amenity land associated with the Estate. When the Council promoted the Stopping up Order only one party claimed any private rights and that party has already agreed a deed of release.  The Council is not aware of any other private rights but it needs to appropriate this land to Planning prior to completing the Development Lease so that any that may exist are extinguished and they will not hinder implementation of the planning permission.

 

Following completion of the appropriation the Council will enter into the Development lease of Phase 2a which will also enable Countryside to construct the social housing needed to rehouse Council Tenants in the remaining phases.

Publication date: 29/04/2015

Date of decision: 29/04/2015

Accompanying Documents: