Decision details

Disposal of the council’s freehold interest

1.  That the Contract for Sale between the Mayor and Burgesses of the London Borough of Southwark and the adjoining owner in regard to Land on the South East Side of Devonshire Grove and 761 & 762 Old Kent Road, SE15 1NJ be terminated.

2.  That on termination of the Contract an Option Agreement is entered into for the sale of three land parcels at Land to rear of 745-775 Old Kent Road, as shown edged red in Appendix 1 between London Borough of Southwark and the adjoining owner and their development partner.

3.  That the Council enters into a Funder Agreement with the Developer’s Funder containing the Council's consent to the Funder having security over the Option Agreement and the agreement by the council directly with the Funder to comply with the Step-In provisions of the Option.