Development services of real estate

Tender description

The Borough of Broxbourne and Hertfordshire County Council are seeking a development / investment partner with the relevant experience, vision, capability and resources to master plan and deliver Brookfield Riverside, with a specific commitment to deliver the proposed first phase, which will be a major retail and leisure-led development. The vision and ambition for Brookfield Riverside is to create a cohesive shopping, civic and leisure centre for Broxbourne, providing a brand-new, high-quality town centre scheme in a landscaped environment. The anticipated gross development value (GDV) of the overall scheme is in the order of 250 000 000 to 400 000 000 (GBP) depending on the final scheme. Further information on the opportunity is provided in the memorandum of information that is available from the supply Hertfordshire portal. For guidance on accessing the portal, please see Section VI.3) Additional information of this contract notice. The Brookfield Riverside development site is comprised of two plots, extending to circa 44 acres (17.8 hectares) overall. The Councils own the freehold of a significant proportion of the site, totalling 21 acres (8.5 hectares), which is envisaged to be the core development site for a retail and leisure-led first phase of development. The remaining northern part of the site, and the New River, is owned by third parties. The chance to create a major new retail and leisure development just outside the M25 is rare and Brookfield Riverside presents an exceptional opportunity to create a blue-chip, fashion and lifestyle-led town centre scheme in an affluent South East catchment area. Brookfield Riverside is of strategic importance to the Councils as it seeks to act as the ‘town centre’ for the local area and will build on, and complement, the overall Garden Village as part of the wider Brookfield development. It will aim to address the underperformance of the areas a retail and leisure destination, to provide an identity and sense of place for Brookfield and the Borough of Broxbourne, and to significantly improve the evening economy. The Councils’ plans for Brookfield Riverside seek to deliver; up to 30 000 square metres of net retail comparison floorspace; circa 3 500 square metres of retail convenience floorspace; up to 10 000 square metres of leisure accommodation; a new link road to connect Brookfield Riverside to the Turnford Interchange and the Garden Village; a landscaped environment with high-quality public realm; and appropriate ancillary accommodation (including potential residential, as outlined in the draft Local Plan). The contract is likely to be for a duration in the order of 5 to 10 years. The actual duration will be determined with bidders as part of the dialogue process, including conditions for early termination and contract extension.