Purpose

Future High Streets project comprising downsizing of Tesco store and re-purposing of upper floors as offices

Decision

Cabinet at its meeting on 5 March 2024 agreed to implement the High Wycombe Future High Street Fund Retail Repurposing Scheme which would enable a current high street tenant to downsize from their multi-level store in Wycombe town centre, by newly fitting out the ground floor. The Denmark Street proposal also included other projects including relocating Buckinghamshire Archives from Aylesbury and to improve The Guildhall, a historic building in the town centre and close to Eden.

The development programme also had time pressures as the Ministry of Housing, Communities and Local Government were unable to gain approval to extend the Future High Street spend deadline (due to the National Election), which was currently a hard stop of 31st March 2025. Cabinet were being asked to approve the updated business case and cost plan and to authorise the Heads of Terms agreements and any other agreements required. In programme terms, if Cabinet approved moving to the next stage of the project, then scheme evolution and final design and tendering of the construction contract would occur over the next 5 months, seeking a conclusion in November 2024.

RESOLVED –

(1)               That the Service Director of Property and Assets, in consultation with the Cabinet Member for Accessible Housing and Resources and the Section 151 Officer, be authorised to progress the project in accordance with the update business case and cost plan, considered in the confidential appendices, undertake the necessary due diligence, appointment of relevant Consultants and Contractors.

(2)               That the Service Director of Property and Assets, in consultation with the Cabinet Member for Accessible Housing and Resources and the Service Director of Legal Services, be authorised to finalise Heads of Terms, undertake legal due diligence, and enter a Surrender and Renewal Deed, Agreement for Lease and Overage Deed with the Tenant and any other legal documentation required, in accordance with the details set out in the confidential appendices.

(3)               That the Service Director of Property and Assets, in consultation with the Cabinet Member for Accessible Housing and Resources and the Service Director of Legal Services, be authorised to finalise Heads of Terms, undertake legal due diligence, and enter into a Service Yard Agreement, Car Park Agreement and any other construction related agreements required, with the tenant of Eden Shopping Centre in accordance with the details set out in the confidential appendices.

(4)               That authority be delegated to the Service Director of Property and Assets to enter into a Pre-Contract Services Agreement following a tender process under the Southern Contractors Framework and associated project team appointments in accordance with the cost plan set out in the confidential appendices and subsequently enter a full construction contract with associated consultant appointments.

(5)               That the increased of the Capital budget for the project from £11.26m to £12.26m be approved, funded from an increase in the value of the anticipated capital receipt from the disposal of the Queen Victoria Road Offices and remaining Future High Street Fund grant.