Sheffield Retail Quarter - Development Partner

Tender description

Sheffield City Council (the Council) is seeking to appoint a Strategic Development Partner (SDP) to deliver the development of a major retail and leisure focused scheme with associated mixed uses, public realm and infrastructure. The scheme will become a New Retail Quarter (NRQ) for the City, with the ultimate goal of elevating the wider city centre to its rightful position as a major regional shopping and leisure destination. The Council has spent considerable time developing the concept scheme and it is envisaged that the development will comprise approximately 900,000 sq.ft. including, at this stage, 200,000 sq.ft. of office and residential uses along with associated public realm and amenities. The SDP will be expected to carry out a full development role in line with the principles of the Council's planning policy, scheme design and the Outline Planning Application. The SDP will lead the development of seven hectares of land in Sheffield city centre in order to provide a modern, flexible retail and leisure led scheme with associated mixed uses, public realm and major infrastructure. The site, most of which is currently in the control of the Council, may be developed in phases. The Council intends to continue site assembly as the project progresses. The SDP will be expected to manage and co-ordinate the professional team appointed or to be appointed by the Council, and will be required to manage and lead the development in line with the principles of the Council's planning policy and concept scheme. The SDP may also be required to assist with final site assembly. The SDP must be able to satisfy the Council as to its ability to secure funding and investment opportunities. The financial structure of the contract is to be discussed with shortlisted bidders during dialogue phase. Part of the Competitive Dialogue process will be to discuss the most efficient means of partnership / joint venture between the Council and the SDP. Through its land holdings and the availability of Tax Incremental Finance, the Council will be a major co-investment partner. The role of the Council as a co-investment partner along with appropriate contractual or corporate structures is to be determined through competitive dialogue along with establishing hurdle rates of return and other pre-conditions to development. It is anticipated that the preferred bidder will be selected during 2015.