Ilford Western Gateway JV Partnership

Tender description

<p>The London Borough of Redbridge (the &ldquo;Council&rdquo;) is seeking to establish a joint venture (&ldquo;JV&rdquo;) between the Council and a development partner (the &ldquo;PSP&rdquo;) in relation to the Ilford Western Gateway development. The Council is seeking to deliver comprehensive regeneration across the Western Gateway site, delivering a &lsquo;world class neighbourhood in a world class city&rsquo;.</p> <p>&nbsp;</p> <p>The Western Gateway site will deliver a residential led, mixed use development, delivering up to 1,000 new homes alongside commercial and community uses. Future sites may also be offered to the JV at the Council&rsquo;s discretion.</p> <p>&nbsp;</p> <p>The Council is seeking a PSP to help realise its ambitions for the Western Gateway, with delivery through a 50/50 JV partnership arrangement. The proposed legal and commercial structure is set out in detail within the Key Commercial Principles document and draft contract documents and will be established through the procurement process but it is envisaged that the structure will see both parties having an equal equity interest. The Council is seeking to invest its land as equity, with the option to provide additional cash equity where required, with the PSP bringing finance and development expertise. The PSP will be expected to provide (but not limited to) development management services with a fee payable for the provision of these services. The JV, the PSP (or a member of its group or consortium) may also provide construction works and services to the Council. The PSP will also be required to support the Council in land assembly activities. While the Council owns significant amounts of the Western Gateway site, there are other landowners who hold an interest and the partners will work together to consolidate land ownership and bring forward the comprehensive development of the site.</p> Keywords: Build, Real Estate, Construction, Development