Development of non-residential real estate

Tender description

The Contracting Authority wishes to procure a development partner in connection with the proposed redevelopment of the Island Site, John Dalton Street, Manchester. The Contracting Authority is seeking to undertake a comprehensive redevelopment at the site, which will comprise offices on the upper floors and A3 uses on the ground floor. The selected development partner will be required to enter into a joint venture agreement with the Contracting Authority to cover the delivery of the project. The selected development partner will also be required to provide development management services to the joint venture. The Contracting Authority wishes to procure a development partner for the proposed redevelopment of the Island Site, John Dalton Street, Manchester. The Contracting Authority is seeking to undertake a redevelopment at the site, which will comprise offices on the upper floors and A3 uses on the ground floor. The development partner will be expected to provide an equity contribution towards the funding of development costs. The Contracting Authority is prepared to provide debt finance to the JV on market terms and is also prepared to match the development partner's equity contribution with its own equity. The Contracting Authority will consider debt to the JV from third party sources. The selected development partner will be required to enter into a joint venture agreement with the Contracting Authority to cover the delivery of the project. The selected development partner will also be required to provide development management services to the joint venture.