1. That the Head of Property and the Director of Law and Democracy be authorised to grant, on practical completion of the proposed scheme, a 250 year lease at a peppercorn rent, in the former Cherry Garden School, Macks Road SE16 to Higgins Homes Plc to deliver 56 new homes of which there are 18 social rented council homes and a residual land offer to the council of £1,200,000.
2. That the Head of Property and the Director of Law and Democracy be authorised to grant a building lease to the developer at contract award stage.
3. That the Head of Property be authorised to enter in to a 250 year less one day sub lease in the social rent units, to be granted on practical completion of the development. The sub lease to be at a peppercorn rent.
4. That it be noted that the council will receive a total benefit of £6,726,000 consisting of 18 social rented units, reimbursement of preparation costs of £126,196, and a land offer of £1,200,000, which, in total, is approximately £1,726,000 greater than if the land was sold on the open market with an estimated value of £5,000,000. (see paragraph 22-table 3)