Development of New Homes in Saltwell and High Spen by Gateshead Regeneration Partnership
Report of the Strategic Director, Economy, Innovation and Growth
Minutes:
Consideration has been given to changes to the terms of the Hyde Park and Hookergate Business Plans and to utilise available financial mechanisms to overcome viability challenges to allow development of sites in Saltwell and in the High Spen & Winlaton Ward by Gateshead Regeneration Partnership (GRP). |
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The alternative option to that being recommended, but which was discounted, included marketing the Hookergate site on the open market. |
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RESOLVED - |
(i) |
That the transfer of the freehold interest in the Hyde Park and Hookergate sites, with the revised aggregate transfer value of the amount set out in the report, in accordance with the Agreement for Sale to the GRP for the provision of new homes, be approved. |
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(ii) |
That the provision of a capital injection of the amount set out in the report, to facilitate the delivery of new homes be approved and in accordance with the Constitution the Strategic Director, Corporate Services and Governance be authorised to agree the form and enter into a site-specific Capital Injection Agreement on behalf of the Council with GRP. |
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(iii) |
That the changes to the distribution of profit and the terms of the distribution of super-profit to the Council as set out in the report be approved. |
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(iv) |
That the Strategic Director, Economy, Innovation and Growth, in consultation with the Portfolio Holder for Housing be authorised to approve the revised Site Business Plans prior to exercising delegated powers under recommendations (i) to (iii) above. |
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The above decisions have been made for the following reasons: |
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(A) |
To support the delivery of 58 affordable family homes in Saltwell; including the provision of 20 family homes to meet the housing needs of the Jewish community; secure Homes England funding being invested in the borough. |
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(B) |
To achieve, and complete, the regeneration objectives set out by the Council, its partners and the community in 2005 for the Bensham and Saltwell area. |
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(C) |
To make best use of a surplus asset and enable new family homes in Winlaton and High Spen ward. |
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(D) |
To enable income to accrue to the Council and training, employment and socio-economic benefits for the residents and businesses of Gateshead. |
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(E) |
To bring forward a vacant brownfield Council owned site for redevelopment and remove holding costs to the Council. |
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(F) |
To utilise the Council’s land and property portfolio to support the Council’s policy priorities in accordance with the provisions of the Council’s Corporate Asset Strategy and Management Plan and Housing Strategy 2019-30. |