Decision details

Decision Maker: Cabinet Member Accessible Housing and Resources, Leader

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

To revise the terms set out in the July 2023 Cabinet paper for the original land acquisition

Decision:

The Leader AGREED:

Pursuant to the July 2023 report to Cabinet

To acquire reduced demise (“Plot 1A”) compared to original site demise (“Plot 1”) identified in the July 2023 Cabinet paper on the revised terms set out in the Confidential Annex.

Plot 1A excludes the hatched area of Plot 1 as the buyer of the Lloyds building (Plot 2) now requires this additional land to be included as part of its acquisition. Plot 1A also includes an additional small parcel of land to the north of Plot 1 close to the main vehicular access point. The adjustment from the original Cabinet approved land acquisition results in the loss of 21 car parking spaces. Land now being acquired excluding the access road is circa 1.07 acres providing 156 additional usable car parking spaces.

Extent of Plot 1A is shown in Site Plans contained in Appendix 1.

To authorise the Service Director for Property and Assets in consultation with the Cabinet Member for Accessible Housing and Resources and the S.151 Officer to conclude negotiations, complete due diligence, arrange finance and exchange/complete on the transaction as set out in this paper and the Confidential Annex.

 

To authorise removal of the 3 charges against the title of The Gateway Car Park the Council has in respect of the security loans given to Aylesbury Vale Estates.

 

There are 3 loan agreements between Buckinghamshire Council (previously legacy Aylesbury Vale District Council) and Aylesbury Vale Estates LLP. This has resulted in the Property being subject to 3 charges. These charges need to be released for the Council to purchase the Property.

 

There are three charges and restrictions on the First Title in favour of Buckinghamshire Council in respect of three loan agreements made between (1) Aylesbury Vale DistrictCouncil and (2) Aylesbury Vale Estates LLP known as:

 

(a)    Security Agreement dated 12 October 2009.

 

(b)   Security Agreement Short?Term Debt Loan Notes dated 12 October 2009; and

 

(c)    Supplemental Security Agreement dated 31 August 2012.

 

These debts have been secured as fixed and floating charges against Aylesbury Vale Estate LLP on Companies House and against the First Title of the Property.

 

The Seller has confirmed these 3 charges are to be removed from the First Title on completion of the sale. The Council needs to authorise removal of these 3 charges before completion of the sale.

 

This decision is being taken under the ‘special urgency’ provisions of the constitution due to the timescales involved for exchange and completion.

 

Wards Affected: Aylesbury North West;

Contact: John Reed, Director of Property & Assets Email: John.Reed@buckinghamshire.gov.uk.

Publication date: 12/02/2024

Date of decision: 12/02/2024

Accompanying Documents: