Development of residential real estate

Tender description

The Authority is seeking to appoint a partner to form a long term corporate joint venture (on a 50:50 ownership basis) to secure investment and expertise to deliver the Authority's redevelopment of Juniper Crescent and Gilbeys Yard. The redevelopment is expected to deliver in the region of 650-700 mixed tenure new homes. The scheme will involve opportunities for development sales in partnership with the Authority. The concession will run for a period of at least 5 years, to reflect the envisaged construction period and the JV vehicle's long-term interest in and ownership of the properties. The Authority is seeking a developer partner to jointly deliver the regeneration of Juniper Crescent and Gilbeys Yard. Following a resident led Options Appraisal process, the preferred option selected is full redevelopment of the estates. This option would result in the existing 202 homes over the two sites being replaced with new neighbourhoods of 650-700 homes. This includes re-providing existing homes, as well as developing new affordable and private homes. The London Borough of Camden’s recently adopted planning framework for the Camden Goods Yard area, also supports the full redevelopment of the estates. The Authority is seeking a partner who is able to jointly meet the requirements of the project in terms of design, planning, construction and sales over a long period. The Authority has made a commitment to re-provide the existing affordable homes with no loss of affordable floor space and meeting housing need. The Authority’s aim is to maximise the amount of affordable housing provided in the redevelopment and is targeting in the region of 50 % of the redevelopment to be affordable through the provision of additional affordable rent and intermediate homes. It is the Authority's intention to own and manage all of the replacement affordable housing. The final JV structure will be developed through the tender process. The Authority will play an active role in delivering the regeneration including funding the project at risk. It also expects to have transparency in the delivery of the project to ensure that the best outcomes are achieved for the local community. With this in mind, the current expectation is that a corporate joint venture, established as an LLP, will provide the Authority with a delivery structure to achieve those objectives. The Authority would prefer a financial structure in which a capital land receipt is paid at the start of the development. However, variant bids will be considered. Further information about the scope of variant bids will be provided at tender stage. A set of initial Heads of Terms setting this out in more detail is available, along with other documentation.