On points 1 & 2 how can the deal be finalised for Hibbert Lane without the details of the development being finalised for Buxton.
Surely the college would have to have the plans drawn up and planning consent tied up for Buxton Lane.
Yes, it's 'chicken and egg', of course, which is quite common in this sort of situation. On the one hand the college won't want to spend six-figure sums on architects, consultant engineers etc doing detailed designs, before they know for certain that the Hibbert Lane deal is in the bag. But on the other hand, if they sign away Hibbert Lane and then discover they can't build at Buxton Lane after all, then they really are in a mess.
The usual answer would be to enter into preliminary discussions with planning officers at a much earlier stage (indeed, we can safely assume that they have already taken place). The planners would normally give general advice as to whether, in principle, building on Buxton Lane would be permitted, and what type/size of building might be approved. Maybe they might get outline planning permission at this stage. That would probably be enough to give the college reasonable comfort that they will be able to proceed.