Decision details

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To recommend to Cabinet the use of up to £1.8m from the Prudential Borrowing facility to deliver the enabling works and enter into a lease with the proposed tenant in order to deliver a high-quality covenant, reduce existing budget pressure by creating a secure income stream and raise the profile of the Retail Park.

Decision:

Cabinet received a report regarding proposed capital works and a new lease at Vale Retail Park in Aylesbury.

 

RESOLVED –

 

1.                  That the Service Director for Property and Assets be authorised, in consultation with the Cabinet Member for Property and Assets and S151 Officer, to finalise and agree the emerging Heads of Terms with the retailer set out in the confidential appendices of this report and subsequently to finalise, agree, exchange and complete the lease documentation;

 

2.                  That the Service Director for Property and Assets be authorised, in consultation with the Cabinet Member for Property and Assets and S151 Officer, to arrange a loan from Public Works Loan Board to deliver the enabling works in accordance with the report considered in the confidential appendices and the Heads of Terms set out there; and

 

3.                  That the longer term strategic option to bring the site forward for residential development as part of the emerging plans for Aylesbury Town Centre be noted

 

(Note: More housing would improve the housing mix with more affordable and bring residents into the town centre to support local businesses. Consideration will be given to include the site in the new Local Buckinghamshire Plan. The site could also be considered for other uses for example leisure or offices to potentially release other sites for residential development in the town centre.)

Wards Affected: Aylesbury North;

Details of any conflict of interest declared: None.

Contact: John Reed Email: John.Reed@buckinghamshire.gov.uk.

Report author: Robert Daniels

Publication date: 30/03/2021

Date of decision: 30/03/2021

Decided at meeting: 30/03/2021 - Cabinet

Effective from: 08/04/2021

Accompanying Documents: