Purpose

Sale of land for a premium to facilitate
regeneration of the overall area. This should result in greater
economic activity in the area and job creation.

Content

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.