Decision details

In September 2022, the Leaseholder signed a Collaboration Agreement (“CA”) with Buckinghamshire Council to investigate the potential to sell surplus land at Wycombe Air Park. In May 2023, the Leaseholder, with financial backing from an investor, approached the Council to acquire a 150-year leasehold interest in the Site. Linked to this were other terms to vary their existing leasehold interest on Wycombe Air Park. In October 2023, the Leaseholder put forward a “best and final unconditional cash offer” to the Council.

RESOLVED that Cabinet approve:-

1) Buckinghamshire Council (“BC”) selling a long leasehold interest in the Site at Wycombe Air Park (“WAP”) to the leaseholder (“the principal transaction”). This will generate a capital receipt which is budgeted for in the MTFP.

2) BC simultaneously completing on all associated legal agreements including Deeds of Variation to existing legal agreements between the parties (“related transactions”).

3) Granting delegated authority to the Director of Property Assets, in consultation with the Cabinet Member for Accessible Housing and Resources, Service Director  Legal and Democratic Services and the S151 Officer to progress legal due diligence, obtaining all necessary sign off reports and the carrying out of all necessary due diligence prior to exchange/completion on both the principal and related transactions (“the overall transaction”) on the terms set out in the Heads of Terms (Appendix 1 in the Confidential Appendix).

4) a budget spend on legal and professional fees to progress the transaction, noting that this is to be funded from the Capital Receipt and does not require a budget amendment.