THE site leasehold which currently houses a children’s play centre and gym is to be “purchased” by the council as part of a long-term investment opportunity.
Buckinghamshire Council will acquire the long-leasehold interest of the site housing Playtrain and The Fitness Experts, on Lancaster Road, Cressex Business Park, High Wycombe.
PICTURED: The Fitness Experts, on Lancaster Road
The council acquisition of the leasehold of this 0.63-acre site and building is to ‘facilitate future regeneration opportunities’.
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The investment will provide ‘increased revenue in the short term but longer-term redevelopment potential’, according to council documents.
Bucks Council currently own the freehold of the Lancaster Road site, which is adjacent to other council-owned regenerations such as the Wycombe Trade Park and Anglo Office Park.
The site is fully let to Spargo Tools, whose ground lease will not expire for another 29 years and “does not require landlord consent for assignment of the leasehold interest”.
“Unless the council owns this lease, the site cannot be brought forward for development or regeneration purposes for another 29 years,” the report states.
Spargo Tools has agreed to dispose of its leasehold interest to the council.
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The Lancaster Road site is divided between children’s soft play centre Playtrain (6,461 sq ft) and The Fitness Experts (4,049 sq ft), which the council claims “no longer suit a modern industrial occupier if available on the market today”.
Both units have parking and office space. The Fitness Experts also has gym space and changing rooms.
Both pay rent and are subject to the lockdown.
Bucks Council currently own the freehold of the Lancaster Road site
The Lancaster Road site offers a longer-term opportunity because “the industrial market has remained strong” in the current economic climate, the report states.
It also says: “Market analysts suggest the strong growth in the industrial sector is likely to continue as major retailers respond to the increase in demand to online shopping and home delivery. The ‘last mile’ delivery solution is now just as critical within the supply chain as the major distribution hubs.”
Cabinet member for property and assets, Cllr John Chilver, said: “We are always looking for opportunities to enhance and upgrade our property estate, to make it fit for purpose.”
Cllr Brian Pearce requested “not to be sent further information on this matter”.
A spokesman on behalf of both businesses said: "Both The Fitness Experts Gym and Playtrain will continue to trade as normal once the national lockdown has been lifted."
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