Agenda item

In June 2021, the Council had received from MHCLG the first tranche of Wycombe’s Future High Streets grant (‘FHS’).  This had been reported to Cabinet in July 2021, and progress had been made on part of the approved 3-year FHS development programme (two vacant shop acquisitions had been acquired and were undergoing re-purposing).  It had not been possible to secure another targeted Year 1 project, although this might emerge again as a project in 2022/23.

Meanwhile, it was proposed that an alternative project be substituted (subject to Department for Levelling Up, Housing and Communities approval), to achieve Year 1 spend profile and thereby secure Year 2 grant.  The proposed substitute project comprised the Council co-investing (alongside Eden’s owners the long leasehold owners of the centre, the freeholders being the Council), in the proposed re-purposing of Eden’s 13,000sm (140,000sqft) House of Fraser building to further economic activity and vitality in the town centre, as well as bringing forward much needed housing and associated benefits with re purposing underutilised space in the town centre.

House of Fraser occupied the building on a temporary short-term arrangement and there was no certainty that they would remain as tenant. Eden were in on-going discussions with them but regarded it as prudent to look at alternative options.

The disposal of 6-8 Frogmoor would facilitate the redevelopment of Chiltern Shopping Centre for predominantly residential development, that would increase economic activity in the town centre and reduce pressures on housing need elsewhere.  Work was ongoing with the other tenants and operators that might be affected by the proposed redevelopment of the Chiltern Centre.  The terms of the proposed Eden co-investment, along with the terms of the proposed disposal of 6-8 Frogmoor to Dandara, which formed part of their redevelopment proposals, were set out in detail in the Confidential Appendix.

The proposed investment and disposal would have a twofold regeneration benefit to the Council and the town centre.  The redevelopment would also generate a capital receipt (from the disposal of 6-8 Frogmoor) and CIL/Section 106 monies for the Council.  Cabinet asked the Cabinet Member for Finance, Resources, Property and Assets to look at the potential for reinvesting some of these monies in the regeneration of Frogmoor.

RESOLVED –

That the Director of Property and Assets, in consultation with the Deputy Leader and Cabinet Member for Planning and Regeneration, the Cabinet Member for Finance, Resources, Property and Assets, and the Section 151 Officer, be authorised to:

(1)   Agree Heads of Terms, authorise and undertake necessary due diligence, agree contracts and exchange and complete contracts for the investment of Wycombe’s Future High Street monies into the Eden Centre for the reasons set out in the public report and confidential appendix.

(2)   Agree the Heads of Terms, agree contracts, exchange, and complete the disposal of 6-8 Frogmoor, High Wycombe, for the reasons set out in the public report and confidential appendix.

In June 2021, the Council had received from MHCLG the first tranche of Wycombe’s Future High Streets grant (‘FHS’).  This had been reported to Cabinet in July 2021, and progress had been made on part of the approved 3-year FHS development programme (two vacant shop acquisitions had been acquired and were undergoing re-purposing).  It had not been possible to secure another targeted Year 1 project, although this might emerge again as a project in 2022/23.

Meanwhile, it was proposed that an alternative project be substituted (subject to Department for Levelling Up, Housing and Communities approval), to achieve Year 1 spend profile and thereby secure Year 2 grant.  The proposed substitute project comprised the Council co-investing (alongside Eden’s owners the long leasehold owners of the centre, the freeholders being the Council), in the proposed re-purposing of Eden’s 13,000sm (140,000sqft) House of Fraser building to further economic activity and vitality in the town centre, as well as bringing forward much needed housing and associated benefits with re purposing underutilised space in the town centre.

House of Fraser occupied the building on a temporary short-term arrangement and there was no certainty that they would remain as tenant. Eden were in on-going discussions with them but regarded it as prudent to look at alternative options.

The disposal of 6-8 Frogmoor would facilitate the redevelopment of Chiltern Shopping Centre for predominantly residential development, that would increase economic activity in the town centre and reduce pressures on housing need elsewhere.  Work was ongoing with the other tenants and operators that might be affected by the proposed redevelopment of the Chiltern Centre.  The terms of the proposed Eden co-investment, along with the terms of the proposed disposal of 6-8 Frogmoor to Dandara, which formed part of their redevelopment proposals, were set out in detail in the Confidential Appendix.

The proposed investment and disposal would have a twofold regeneration benefit to the Council and the town centre.  The redevelopment would also generate a capital receipt (from the disposal of 6-8 Frogmoor) and CIL/Section 106 monies for the Council.  Cabinet asked the Cabinet Member for Finance, Resources, Property and Assets to look at the potential for reinvesting some of these monies in the regeneration of Frogmoor.

The Leader referred to the area of Frogmoor which had some historic buildings and the need to protect and help revitalise the area and to leverage any opportunities as part of this project.

RESOLVED –

That the Director of Property and Assets, in consultation with the Deputy Leader and Cabinet Member for Planning and Regeneration, the Cabinet Member for Finance, Resources, Property and Assets, and the Section 151 Officer, be authorised to:

(1)   Agree Heads of Terms, authorise and undertake necessary due diligence, agree contracts and exchange and complete contracts for the investment of Wycombe’s Future High Street monies into the Eden Centre for the reasons set out in the public report and confidential appendix.

(2)   Agree the Heads of Terms, agree contracts, exchange, and complete the disposal of 6-8 Frogmoor, High Wycombe, for the reasons set out in the public report and confidential appendix.