Commercial property management services

Tender description

Management and Development of the Council's investment property portfolio as described in each Lot below. The portfolio in total is worth approx. 105 000 000 GBP. The Council wishes to ensure a balance of risk through diversity and to improve the income received by the Council. A portfolio with a nominal value of 85 000 000 GBP producing a rent roll of 5 250 000 GBP, which includes the INTU Shopping Centre and Charter Place in Watford. This portfolio excludes the Council's interests in Watford Business Park (see Lot 2). Further information is set out in the tender documents available as set out in Section I.3) above. This portfolio includes the Council's interests in Watford Business Park only. The Council own the freehold of this 67 acre site which is valued at approximately 15 000 000 GBP. Geared ground rents currently provide the Council with an income of approximately 650 000 GBP per annum. Further information is set out in the tender documents available as set out in Section I.3) above. Lot 3 is for bidders who wish to bid for both Lots 1 and 2 — the Council will be interested in any economies of scale resulting from such an approach. The description for Lot 3 is therefore the same as the description for both Lots 1 and 2.