Purpose

Future High Streets project comprising
downsizing of Tesco store and re-purposing of upper floors as
offices

Content

Cabinet at its meeting on 5
March 2024 agreed to implement the High Wycombe Future High Street
Fund Retail Repurposing Scheme which 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 Denmark
Street proposal also included other projects including relocating
Buckinghamshire Archives from Aylesbury and to improve The
Guildhall, a historic building in the town centre and close to
Eden.
 
The development programme also
had time pressures as the Ministry of Housing, Communities and
Local Government were unable to gain approval to extend the Future
High Street spend deadline (due to the National Election), which
was currently a hard stop of 31st March 2025. Cabinet were being
asked to approve the updated business case and cost plan and to
authorise the Heads of Terms agreements and any other agreements
required. In programme terms, if Cabinet approved moving to the
next stage of the project, then scheme evolution and final design
and tendering of the construction contract would occur over the
next 5 months, seeking a conclusion in November 2024.
 
RESOLVED –

 

(1)              
That the Service Director of Property and Assets,
in consultation with the Cabinet Member for Accessible Housing and
Resources and the Section 151 Officer, be authorised to progress
the project in accordance with the update business case and cost
plan, considered in the confidential appendices, undertake the
necessary due diligence, appointment of relevant Consultants and
Contractors.

 

(2)              
That the Service Director of Property and Assets,
in consultation with the Cabinet Member for Accessible Housing and
Resources and the Service Director of Legal Services, be authorised
to finalise Heads of Terms, undertake legal due diligence, and
enter a Surrender and Renewal Deed, Agreement for Lease and Overage
Deed with the Tenant and any other legal documentation required, in
accordance with the details set out in the confidential
appendices.
 

(3)              
That the Service Director of Property and Assets,
in consultation with the Cabinet Member for Accessible Housing and
Resources and the Service Director of Legal Services, be authorised
to finalise Heads of Terms, undertake legal due diligence, and
enter into a Service Yard Agreement, Car Park Agreement and any
other construction related agreements required, with the tenant of
Eden Shopping Centre in accordance with the details set out in the
confidential appendices.
 

(4)              
That authority be delegated to the Service
Director of Property and Assets to enter into a Pre-Contract
Services Agreement following a tender process under the Southern
Contractors Framework and associated project team appointments in
accordance with the cost plan set out in the confidential
appendices and subsequently enter a full construction contract with
associated consultant appointments.
 

(5)              
That the increased of the Capital budget for the
project from £11.26m to £12.26m be approved, funded
from an increase in the value of the anticipated capital receipt
from the disposal of the Queen Victoria Road Offices and remaining
Future High Street Fund grant.