The Council will enter into the following transactions:

1. OCHDL will grant a 999 year lease of the 26 affordable housing units to OCC for the consideration approved in July 2021 (and at a peppercorn rent). The premium for the lease is £10.25m in line with the original authority, this sum has been received by OCH(D)L through staged payments made by OCC in line with the 2021 decision;

2. On grant of the lease, the Council will release the charge it holds over the freehold property protecting advance payments (of the above consideration) which it has made;

3. OCHDL and the Council will enter into a management agreement under which the Council will manage the site, services, service charge and occupiers on behalf of OCHDL.

4. OCC and OCHDL will enter a forward sale agreement providing for OCC to purchase the freehold of the site for £1 once OCHDL has sold the final private unit.

All of the above will achieve the original intention of the Cabinet decision taken in 2019 which is to transfer the completed units back to the Council.

To authorise the transfer by purchase of the land and affordable housing at Elsfield Hall, Cumberledge Close and Between Towns Road from Oxford City Housing (Development) Limited to the Council’s Housing Revenue Account for a consideration of £25,430,800 in total.