Issue - meetings

Report of the Assistant Director of Place (Economic Growth and Housing)

Further to Minute No. 93 of 1 December 2022, the Cabinet considered the report of the Assistant Director of Place (Economic Growth and Housing) updating on the progress and delivery of new homes as part of the Phase 1 Business Plan for Sandway Homes Limited and following on from the Business Plan approved by the Cabinet in December 2022. The report provided an update on delivery of construction activity and forecast financial performance, comparing this to the previously agreed Business Plan. The report outlined variations to the current Business Plan and provided details of the current progress in respect of Phase 2 Business Planning.

Decisions Made:

That

(1)      the variations to the Phase 1 Business Plan as provided by the Company to the Council as of December 2022, be noted and the revised Business Plan detail, as set out in the report, be approved;

(2)      the range of external economic factors and risks that have the potential to impact the delivery and financial performance of the Phase 1 business plan be noted and acceptance and understanding of these and the material impact that they may have, be confirmed;

(3)      the changes to the loan agreement between the Council and the company, as set out in para 5.11 of the report, be approved;

(4)      the current position in relation to the Phase 2 Business Plan and the intention for a comprehensive update to be provided in November 2023, be noted; and

(5)      any further material variations to the revised position be reported to the Cabinet, as shareholder, at the earliest opportunity.

Reasons for the Decision(s):

Since 2016 the Council had been considering its role in the provision of housing throughout the Borough to complement an active third and private sector market.

There was significant demand for housing sites and housing development within Sefton, with over 11,000 housing units being required, over the Local Plan period, in order to meet with the local housing demand. There was a national shortfall of circa 1m homes (of which 400,000 fall into affordable homes) whilst across the Liverpool City Region a total of circa 50,000 housing units would be required in the medium term. Sandway Homes Limited sought to increase housing completions and the availability of choice for residents and those wishing to live in Sefton.

This would be achieved by working with the Council and stakeholders including Homes England and the Liverpool City Region Combined Authority to leverage in brownfield enabling funds to assist the local authority in proactively re-developing sites included in its brownfield disposal register.

Alternative Options Considered and Rejected:

There were no alternative options to be considered.