The Cabinet of Buckinghamshire Council is scheduled to consider the disposal of a council-owned asset in High Wycombe. This meeting will also address the exclusion of the public for certain agenda items.

Disposal of Council-owned asset in High Wycombe

A key item on the agenda is the proposed disposal of a council-owned asset located on Queen Victoria Road in High Wycombe. This matter is being considered under special urgency procedures due to a time-bound bid that requires a sale by 31 March 2026. The report outlines that the council has marketed the site, which is surplus to requirements, and has received several bids. The recommendation is to approve the disposal of the asset to a preferred bidder, identified as a public body, based on their proposal and agreed Heads of Terms.

The report details that the preferred bidder has submitted the highest financial offer on an unconditional basis, contingent on the transaction completing by 31 March 2026. This timing is crucial as the bidder's funding is only available for the current financial year. The disposal is expected to generate a capital receipt that will help fund the council's development at Denmark Street, High Wycombe. The report also notes that the preferred bidder has indicated no intention to alter the façade of Building A, which is considered to have local heritage significance.

The council is legally obligated under Section 123 of the Local Government Act 1972 to dispose of council-owned land for the best consideration reasonably obtainable. The marketing process, conducted by agents JLL and Chandler Garvey, invited both conditional and unconditional offers. Key considerations in evaluating bids included the net capital receipt, timing of receipt, risk associated with conditional offers, placemaking and regeneration ambitions, and the nature of the bidding party. The proposed transaction also ensures the council can retain occupation of the building until its relocation to Denmark Street is complete, which is anticipated by the end of 2027.

The report highlights that the disposal aligns with the council's Corporate Plan 2020 to 2026. It also mentions that a suitable alternative location within High Wycombe has been identified for the Charter Trustees, who manage the local mayoral function, and this matter is due for discussion by the Trustees. The public body preferred bidder's submission suggests that residents would benefit from the wider economic and regeneration impacts associated with their use of the Queen Victoria Road site, potentially boosting footfall and supporting local businesses. A Memorandum of Understanding is to be drawn up, outlining the preferred bidder's ambition to deliver residential development on sites around High Wycombe, including the Queen Victoria Road site.

Exclusion of the public

The agenda includes a proposal to exclude the public from the meeting for specific agenda items. This is to allow for the likely disclosure of exempt information as defined within Schedule 12A of the Local Government Act 1972. The grounds for exclusion are stated as involving the likely disclosure of information relating to the financial or business affairs of any particular person, including the authority itself. This exclusion is specifically linked to the confidential appendices concerning the disposal of the council-owned asset in High Wycombe.