Decision details

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:-

1. 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. 

2. 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. 

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

1. progress refurbishment works including the appointment of contractors and consultants. 

2. 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. 

4. 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 2^nd floor long lease.