Decision details

The Council (HRA) entered into a development agreement to purchase 70 homes on the development at New Fosseway in partnership with New Fosseway LLP in May 2024.
Due to the change in the HRA financial position and Business Plan, the decision was made to terminate the contract for the purchase of these homes, subject to a suitable alternative affordable housing provider being found by the LLP, at Full Council on 25 February 2025 with the final sign off delegated to the Executive Director in consultation with the Chair of the Homes and Housing Delivery Board
A suitable alternative offer has been received which allow Bristol City Council (BCC) to now terminate the contract, subject to the write off up to £110k in abortive costs.

Terminate the development agreement on the purchase of 65 homes at the New Fosseway development.
Termination includes the financial write off, of up to £110k in legal and technical costs.

Option 1 - The only option was to continue with the development, but funding is no longer available to achieve this within the HRA Business Plan and by allowing an alternative Registered Provider (RP) to acquire means the affordable homes are not lost to the city.