Non-residential property services

Tender description

The Council is taking a 40 year lease of Croxley Business Park, Hertfordshire (the Property) from Sackville UKPEC3 Croxley Nominee 1 Limited and Sackville UKPEC3 Croxley Nominee 2 Limited as Trustees for Sackville UKPEC3 Croxley (GP) Ltd the General Partner of Threadneedle UKPEC3 Croxley LP (the Landlord). The property is an office park occupied by business tenants. The Landlord intends to construct a new office building to replace a building to be demolished. These works are funded by the Landlord (who has designed and specified them to its contractors). The Council has entered into this oversight and monitoring agreement (referred to in the related VEAT notice published on 29.3.2019 as a development management agreement) to facilitate the Landlord's construction as detailed in II.2.4. The Council is taking a lease for the term of 40 years of Croxley Business Park (the Property) from the Landlord- total rent 368 000 000 GBP (indexed). The property is currently subject to various interests including occupational business tenancies. The Council will be the direct landlord of those tenants. The Landlord intends to construct a new office building which is to replace an office building that is to be demolished. The Landlord has designed and appointed contractors to develop that building (at a cost of approximately 23 000 000 GBP). The Council is not specifying these works and it will take a lease of the property whether or not the works are undertaken. To facilitate the Landlord's construction the Council has entered into this oversight and monitoring agreement (referred to in the related VEAT notice published on 29.3.2019 as a development management agreement) with the Landlord under which the Council will give legal permission for the Landlord to undertake those works, will obtain warranties and similar protection in respect of the constructed building and, in the event that the Landlord abandons those works, certain rights which will enable the Council to procure another party to complete them.