Lease of Collins House, Desborough Rd and 32 Bridge Street, High Wycombe.

Descriptions

Wycombe District Council (‘the Council’) is proposing to lease land (on an income sharing 125 year term) at Collins House Desborough Road and 32 Bridge Street, High Wycombe to Housing Solutions Limited (‘the Buyer’) for Buyer to independently fund demolition and mixed-use redevelopment of site to deliver 52 flats and 5 shop units. Agreement for Lease has obligations on Buyer to submit and obtain planning permission (on which grant of lease is conditional). Lease will prohibit sub-letting the completed residential units at a premium for a 10 year period. During that period Buyer may only rent units on assured short-hold tenancies. Buyer will also lease back completed shop units to Council. If Buyer has not opted to implement planning permission for redevelopment of site within 18 months of grant of the lease, Council will have option to call for an assignment of the lease to nominee, or forfeit the lease, upon reimbursement of up to 50 % of Buyer's planning costs, capped at 62 500 GBP.