Decision Maker: Executive Member for Housing and Regeneration
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
1. That approval be given in principle to the proposal to structure a Joint Venture (JV) arrangement to deliver the first phase of residential units at the K Site in Old Trafford.
2. That it be approved that the Council tender for a Residential Operational Partner with whom to form the JV.
3. That authority be delegated to the Corporate Director of Place to lead negotiations for the appointment of the Residential Operational Partner.
4. That it be noted that the final business case and JV structure will be submitted to the Executive for approval.
In order to bring forward the development of the first phase of residential units on the k site with the Trafford Bruntwood JV. This will potentially provide a greater financial return to the Council, as well as giving the authority greater control over design and management.
The Council could take on the residential units independently rather than in a JV. However, this would increase the risk exposure, and the Council does not have expertise in managing or selling residential properties. Alternatively the Council could not purchase any of the properties, with all the plots been sold on to third party developers. This would reduce the Council’s risk position, but also reduce the potential financial return and control of design quality and future management of the properties.
Publication date: 28/11/2019
Date of decision: 22/10/2019
Effective from: 06/12/2019