Purpose

Seeking agreement to proceed with a
regeneration scheme in High Wycombe, as part of the Future High
Street Fund programme

Content

This paper sought approval of a
new Future High Street ‘Retail Repurposing Scheme’. It
was being brought forward to ensure the Council maximised the full
benefit of the allocated FHS monies. This project would enable a
current high street tenant to downsize from their multi-level store
in Wycombe town centre, by newly fitting out the ground floor. The
Council owned the freehold of the building. The tenant would pay to
surrender their long leasehold and would enter
into a new occupational lease. This would release the first
and part second floors for alternative use. The large floorplates
were suited to storage use, with one third of the first floor and
half of the part second floor capable of being converted to
offices. The proposal was to relocate Buckinghamshire Archives from
Aylesbury into part of the first floor and, possibly, the
relocation of the Discover Bucks Museum’s collections storage
from Halton. The potential offices being either for operational use
or developed speculatively for letting.
 
RESOLVED that Cabinet:-
 
1
agree to implement the High Wycombe Future High Street Fund Retail
Repurposing Scheme, as set out in the Confidential Annex, involving
entering into a ‘surrender & renewal’ Agreement
with the tenant, subject to proven structural integrity of the
building and conditional upon planning consent for the proposed
uses/alterations, enabling the downsizing of the tenant into the
ground floor, releasing space to be converted to accommodate the
relocation of the Buckinghamshire Archives, and potentially,
Discover Bucks Museum’s collections storage currently located
at Halton, and create office space for existing Council
services.
 
2.
agree to supplementary budget changes set out in the Confidential
Annex of the report, increasing the Capital Budget for the Future
High Street Scheme from the current budget of £6m to
£11.26m, funded from Future High Street Fund Grant, Council
match funding, the Capital Receipt from the Tenant Surrender
Premium, and new Capital Receipts.
 
3.
agree to release £8.27m of this amended Capital budget (which
excludes the new Capital Receipts), to proceed with the Tenant
lease surrender and the creation of the shell unit, to ensure we
meet DLUHC’s deadlines for spending the grant
funding.
 
4.
delegate to the Service Director of Property & Assets and the
Service Director of Culture, Sport & Leisure, in agreement with
the Leader and their respective Cabinet Members and the Section 151
Officer, authority to conclude detailed terms for the Agreement
with the tenant; to negotiate detailed terms with Discover Bucks
Museum linked to their museum storage (if it is agreed that this
will be part of the scheme); to appoint a full project planning and
design team and solicitors; submit a planning application and enter
into appropriate contracts for the proposed conversion works and
relocations. This will be up to the value of released budget as set
out in the Confidential Annex of the report.