Purpose

New Letting of Store B, Friars
Square

Content

The Friars Square Store B unit
was currently let in accordance with the terms set out in the
Confidential Annex, however the Council could break this lease, and
bring in a new tenant on the terms outlined in the Confidential
Annex.
 
Comparable market knowledge of
the proposed tenant’s impact on other shopping centres and
towns suggested the effect of this new letting would be
transformational through the retaining of existing tenants in terms
of rent reviews and lease renewals, as well as the letting of key
space elsewhere within the centre. The benefit would then be seen
with anticipated increased footfall upon opening, which in turn
would lead to a significant impact on the wider regeneration of
Aylesbury Town Centre, in line with the aims of the Council’s
emerging Economic Development Strategy. This in turn would help
attract new investment to the town with the benefits to Friars
Square and Aylesbury Town Centre being felt long before the store
opens. This letting would be a significant local employment
driver.
 
RESOLVED
 

1)     
That the Service Director of Commercial Property
and Regeneration in consultation with the Cabinet Member for
Accessible Housing and Resources be authorised to:
1.     
finalise Heads of Terms for a new 10 year
long-term lease for Store B at Friars Square in accordance with the
draft Heads of Terms contained in the Confidential
Annex.
2.     
finalise the Agreement for Lease, exchange and
complete in accordance with the Heads of Terms and provisional
costings as set out in the Confidential Annex.
3.     
agree and execute appointments of necessary
construction consultants and construction contracts to refurbish
Store B to the agreed Landlord Specification capital works, as set
out in Confidential Annex Appendix 3a.
4.     
authorise the services of required legal notices
on the existing tenant to terminate the existing
lease.
 

2)     
That £4.5m for the Landlord specification
capital works, as set out in the Confidential Annex Appendix 3a, be
added to the Council's Capital Programme for 2025-26, to fund
fit-out works at Store B, funded from a contribution from the
Growth Board.