URL: https://democracy.gravesham.gov.uk/ieDecisionDetails.aspx?ID=3776

Decision Maker: Cabinet

Outcome:

Is Key Decision?: No

Is Callable In?: Yes

Purpose:

Content: The report provided the Cabinet with an update on the Charter regeneration project that was due for completion in February 2026 and was being delivered through Rosherville Property Development Limited (RPDL). The report outlined the background to the project, agreements in place for the project's delivery, legal advice received, wider impacts and appraises options for how the project completion was to be funded.   The report appraised a number of options so that Members could agree the Council’s preferred course of action to bring the project to completion and ensure the provision of quality homes for Gravesham and the catalytic effects intended to stimulate wider regeneration of Gravesend town centre and riverside.   Detailed consideration was given to the information contained within the report and questions from Cabinet Members were put to and answered by officers of the Council. It was also noted that the Cabinet had received a private briefing from a representative of Reef, the Council’s Development Partner, and should the Overview Scrutiny Committee wish to call-in the item then the invitation for a private briefing would be extended to that Committee too.    The Cabinet was fully supportive of the scheme however expressed concern regarding the delay to the project and the subsequent risk and financial exposure to the Council acknowledging that the delay was due to economic factors. Due to the scheme almost being at completion and taking into account the information provided within the report, by officers of the Council, the representative from Reef together with external/internal legal advice, it was resolved that:-   the contents of the report be noted; with reference to the decision taken at Full Council in June 2020 (paragraph 1.1), agree to the long-term loan facility to Rosherville Property Development Limited being increased from £82m to £85m (made up of both loan and equity), noting that this had already been incorporated into the approved Capital Programme and Treasury Management Strategy Statement; delegated authority be given to the Director (Corporate Services) to set in place the necessary practical, financial and legal actions required to enable the extension of the long-term loan facility from £82m to £85m; and delegated authority be given to the Chief Executive in consultation with the Leader, the Director (Corporate Services) (in the role of S151 officer) and the Deputy Monitoring Officer to engage with Rosherville Limited and its subsidiary, Rosherville Property Development Limited, to take all necessary practical, financial and legal actions required to facilitate the completion of the project whilst seeking to mitigate or minimise the Council’s risk exposure.   The Leader reiterated that priority lettings will initially be for local residents from within the DA postcode. Only if there were to be subsequent vacancies then these lettings may be extended wider. The Director (Environment) advised that he would reiterate this key requirement to the managing agent appointed for The Charter.

Date of Decision: September 8, 2025