Decision Maker: Cabinet

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: February 11, 2025

Purpose: New Letting of Store B, Friars Square

Content: The Friars Square Store B unit was currently let in accordance with the terms set out in the Confidential Annex, however the Council could break this lease, and bring in a new tenant on the terms outlined in the Confidential Annex.   Comparable market knowledge of the proposed tenant’s impact on other shopping centres and towns suggested the effect of this new letting would be transformational through the retaining of existing tenants in terms of rent reviews and lease renewals, as well as the letting of key space elsewhere within the centre. The benefit would then be seen with anticipated increased footfall upon opening, which in turn would lead to a significant impact on the wider regeneration of Aylesbury Town Centre, in line with the aims of the Council’s emerging Economic Development Strategy. This in turn would help attract new investment to the town with the benefits to Friars Square and Aylesbury Town Centre being felt long before the store opens. This letting would be a significant local employment driver.   RESOLVED   1)      That the Service Director of Commercial Property and Regeneration in consultation with the Cabinet Member for Accessible Housing and Resources be authorised to: 1.      finalise Heads of Terms for a new 10 year long-term lease for Store B at Friars Square in accordance with the draft Heads of Terms contained in the Confidential Annex. 2.      finalise the Agreement for Lease, exchange and complete in accordance with the Heads of Terms and provisional costings as set out in the Confidential Annex. 3.      agree and execute appointments of necessary construction consultants and construction contracts to refurbish Store B to the agreed Landlord Specification capital works, as set out in Confidential Annex Appendix 3a. 4.      authorise the services of required legal notices on the existing tenant to terminate the existing lease.   2)      That £4.5m for the Landlord specification capital works, as set out in the Confidential Annex Appendix 3a, be added to the Council's Capital Programme for 2025-26, to fund fit-out works at Store B, funded from a contribution from the Growth Board.