Accommodation management services

Tender description

Kingston University (the ‘University’) is seeking to appoint a partner to lease, invest in and operate the majority of its student accommodation. The University envisages that the appointed party will take a lease of approximately 1 647 beds across 4 sites: Kingston Bridge House, Middle Mill, Kingston Hill and Seething Wells. The University is seeking a partner through the Competitive Dialogue Procedure. The University's primary objective is to create refurbished and redeveloped student housing in order to provide a high quality, affordable living experience for the University's diverse mix of student residents. The University's wishes to enhance its students' well-being and experience through better-quality accommodation and market-standard communal, social and study space. The University would like to strengthen its marketing offer by being able to guarantee a bed to all undergraduate and postgraduate first year students in need of accommodation. To achieve this the University would like to create approximately 225 net additional beds on campus. This is a prudent target in order to maintain occupancy levels in the context of the existing and pipeline supply of direct let beds. There are also an increasing number of returning students that are interested in University accommodation, but generally this demand cannot be met. Affordability will be a key factor in continuing to attract new students from across the UK and abroad. As such, the University would like its rents to remain competitive in Kingston, as well as in the context of London, the broader UK and international markets. The University expects the successful partner's programme to minimize disruption to students, and also to ensure that the total number of beds available at any one time at no point drops below the existing number. This should partially be achieved by sensitive phasing, and also by the successful partner entering into short-term nominations to provide suitable alternative accommodation during the refurbishment/build programme. The University expects to enter into a project agreement with an operational term expected not to exceed approximately 50 years from the date of completion of the works. The University wishes to ensure that the transaction has the minimum impact on its balance sheet and does not impede the use of its existing borrowing facilities. The Competitive Dialogue process will comprise an initial selection stage, following which 3 bidders will be invited to participate in a dialogue phase culminating in the submission of final tenders. The dialogue phase will involve a series of dialogue meetings following by a call to submit final tenders.