Purpose

To approve the purchase of the freehold of 22
Queen Square, High Wycombe, as part of the Future High Streets
programme.

Content

The proposed
acquisition was another part of the Wycombe Future High
Streets’ development programme. To date two vacant shops have
been acquired – one of which (37 High Street) had been
refurbished and let to two separate independent
‘experiential’ businesses; refurbishment of the other
(16 Church Street) was about to start on site. Agreement for
co-funding the repurposing of Eden’s ex House of Fraser store
had been completed. This would relocate Primark into Eden,
strengthening its footfall (and hence rental values, of which the
Council received a share through its ground rent), and enabled
comprehensive redevelopment of the existing Primark building and
the adjacent Chiltern Shopping Centre, for a mixed-use scheme
including c300 apartments (subject to planning), removing redundant
retail floorspace from the town centre.
 
An Option to
Purchase the High Wycombe Social Club building, forming a key part
of the programme’s ‘Southern Gateway’, was close
to exchange. Queen Square was a small but prominent corner retail
unit with residential upper parts. It had proven ‘hard to
let’ and the freeholders want to dispose of their ownership.
Its purchase would enable ground floor reconfiguration with the aim
of either letting it to an occupier that would be displaced be the
redevelopment of the Chiltern Shopping Centre or by open marketing
of the unit. The proposed purchase would be funded using part
Future High Streets grant as well as short term ‘match
funding’ from the Council’s Future High Streets Council
Capital Programme.
 

RESOLVED:-
 

That the purchase
of the freehold of 22 Queens Square, High Wycombe, as part of the
Future High Streets programme be APPROVED, as set out in the
confidential appendix. 

That authority be
delegated to the Service Director for Property and Assets, in
consultation with the Cabinet Member for Accessible Housing and
Resources and the Section 151 Officer, to finalise and agree
detailed heads of terms, appoint necessary consultants to undertake
due diligence, exchange contracts and complete on the
purchase. 

That authority be
delegated to the Service Director for Property and Assets
to: 

progress
refurbishment works including the appointment of contractors and
consultants. 

dispose of the
second floor flat on a long lease, letting it on a Shorthold
Tenancy in the meantime, returning the proceeds of sale to the
Future High Streets Capital programme
allocation. 

That a technical
adjustment to the Capital Project budget for this project be
APPROVED, as set out in the confidential appendix, and to reflect
the ringfenced capital receipt from the disposal of the
2nd floor long lease.