The Brent Cabinet this morning is set to approve purchase of a 50 year lease on 155 out of the 461 units in the Telford Homes Alperton Bus Garage development on the corner of Ealing Road and Bridgewater Road:
To finance the purchase of this block, the Council will take a lease of 50 years from the Asset Special Putchase Vehicle (ASPV), with rents set a current day social rents and indexed at CPI plus 1%. Upon completion of the 50-year lease, a reversionary 949-year lease will be granted a nil rent or peppercorn.The developer will grant the Council a 50-year lease with a 949 reversion at a peppercorn rent on completion of the contract for the 155 affordable homes. The developer will continue to insure the premises during the construction and until completion of the contract.Officers have been in discussion with the ASPV regarding the possibility of purchasing these homes. An offer has been on a purchase price of circa £48M via private treaty on a 50 year leasing arrangement, which means an average of £280K for each home (including a GLA grant).
The Cabinet Meeting can be watched on-line at 10am this morning HERE