Construction work

Tender description

The project is the carrying out of a PRS housing development on the Liverpool Waters site in Princes Dock, Liverpool, comprising of the construction of a 31 storey residential housing building and associated works. The project is the carrying out of a PRS housing development on the Liverpool Waters site in Princes Dock, Liverpool, comprising of the construction of a 31 storey residential housing building and associated works. The development will provide 278 PRS units with car parking, associated works and a retail unit. The contractual arrangements between the parties will be structured as follows: 1) Your Housing (Development) Ltd (‘YHD’) will initially enter into a pre-construction services funding agreement (‘PCSFA’) with Peel L&P Investments and Property Ltd (‘Peel’). Under the terms of this PCSFA Peel will provide various pre-construction services in relation to the project. Peel will in turn enter into a pre-construction services agreement with a contractor. 2) Following completion of the pre-construction services, it is envisaged that YHD and Peel will enter into a development funding agreement (‘DFA1’). Under the terms of the DFA1 Peel will be responsible for securing planning permission for the project and for procuring the carrying out of the development works up to golden brick stage. In the discharge of this obligation Peel will enter into a building contract with a contractor for the carrying out of the works. 3) Once the development has reached ‘golden brick’, YHD's leasehold interest in the site will be assigned from YHD to Nuvu Living (Liverpool Waters) LLP (‘NL’), who will retain ownership of the PRS units following completion. A further development funding agreement (‘DFA2’) will be entered into between Peel and NL (conditional upon the golden brick transfer taking place) under which Peel will be responsible for procuring the remainder of the development of the project through to completion. Both YHD and NL are entities within the Your Housing Group of companies.