Development of non-residential real estate

Tender description

Development of 2 plots, the Triangle Site and Block 4A, both situated at St Thomas' Hospital, Westminster Bridge Road, London. (1) the Triangle Site is a circa 0,78-acre plot located to the south of London Evelina Children’s Hospital, fronting onto Lambeth Palace Road. (2) the Block 4 A site is a circa 0,16-acre plot located on the river frontage north of Block 5 and south of North Wing. A site plan showing each plot will be available on the delta e-sourcing platform. The Triangle Site and Block 4A are being tendered as part of the same competitive process. For each plot Guy's and St Thomas' NHS Foundation Trust (GSTT) currently envisages that it will dispose of a long leasehold interest with a 30-35 year break clause (indicative), to be exercised based on an income strip model, although GSTT is willing to consider other structures if they would deliver better value for money for GSTT. The preferred bidder will acquire a long leasehold interest in each plot in return for: — achieving a viable planning permission through constructive partnership with stakeholders; — procuring a funding partner to support the project who would enter into a development and funding agreement with the developer to fund all the development costs for the development, in addition to taking a headlease interest to reflect the income strip structure; — procuring a contractor to undertake the works for a fixed price under a building contract which is in a form consistent with institutional funding requirements, — entering in to the relevant professional team appointments including those for the design of the development, whilst ensuring that appropriate collateral warranties are in place for GSTT; — coordination with all stakeholders; — constructing a suitable building in line with parameters set out by the Trust that maximises floorspace and minimises the Trust’s future rental commitments; With specific reference to the triangle site only, ensuring suitable linkages at ground, 1st, 2nd and 3rd floors in to the existing Evelina London Children’s Hospital. Further detail is available within the investment memorandum available on the delta e-sourcing platform.