Construction work

Tender description

Trafford Council acquired the Grafton Centre as an investment in February 2018 to enable them to take a strategic lead in reshaping the town centre and kick-start the next phase of Altrincham town centre’s transformation in addition attracting inward investment to the area through the regeneration of this key site. The Council is also looking to increase and secure the long-term investment value. As a result, Trafford Council are looking to appoint a joint venture development partner. Trafford Council acquired the Grafton Centre as an investment in February 2018 to enable them to take a strategic lead in reshaping the town centre and kick-start the next phase of Altrincham town centre’s transformation in addition attracting inward investment to the area through the regeneration of this key site. The Council is also looking to increase and secure the long-term investment value. As a result, Trafford Council are looking to appoint a Joint Venture Development Partner who will: — match 50/50 with an equity stake equal to the value of the land the Council will be putting in, — share in the risk and reward equally, — bring an experienced retail mixed use and creative team to provide a design solution which maximises the potential return on the investment and secures long term viability of the scheme, — match the Council’s wider aspirations for the regeneration of the town centre, — ensure a minimum agreed revenue stream will be maintained during the course of the development period, — provide anticipated level of financial return based on the recommended design solution this could for example include an estimate of developers profit, an element of capital receipt for residential sales, an increase in rental income from the completed development, together with the anticipated improvement in yield and increase in investment value, — illustrate the preferred structure or model for the JV with the Council in terms of scheme delivery and future management which could for example be via a joint Management Company managing directly or appointing suitably qualified managing agents, — there will be a period of competitive dialogue for the preferred bidder when the detail of the JV proposal will be investigated and challenged with the bidder needing to demonstrate the strength of their financial offer, certainty of return and their experience of delivering similar high value and profile town centre schemes including taking a proactive lead on public consultation.