Development of residential real estate

Tender description

The Council is planning a future procurement exercise to appoint a partner to form a long term corporate joint venture property vehicle (on a 50:50 ownership basis) to secure investment and expertise to deliver Havering's housing led regeneration strategy. The initial programme is anticipated to involve 12 sites across the borough delivering in the region of 3 000 new homes. The scheme will involve opportunities for development sales. The Council intends to invite soft market testing responses during March and April 2017 from interested organisations with expertise relating to property development and management to inform the procurement exercise which is planned to commence in May 2017. Market consultation to explore technical and commercial approaches with providers will commence at MIPIM and also involve other soft market testing events to be organised by the Council. The opportunity is a major regeneration and development project to deliver new housing in the London Borough of Havering. The opportunity will focus on Council owned sites throughout the borough (including but not limited to the initial 12 sites) and potentially other sites acquired by the Council (including through the JV) during joint venture period. The JV will focus on delivering housing within the borough for the commercial private sale sector, shared ownership and affordable housing. Estimated value range of the eventual procurement may be in the range of: 650 000 000 GBP— 800 000 000 GBP in relation to the initial twelve sites. The estimated value relates to the estimated gross development value in the market of the developed assets. The partner will be required to provide services including (but not limited to) master planning; strategic development consultancy advice; environmental consultancy advice; technical and building services; architectural design; urban design and land.