Tulse Hill Joint Venture Development Project

Tender description

The Project is the carrying out of a mixed tenure housing development on the Site on the North West side of Avenue Park Road through a joint venture arrangement. Subject to detailed design / planning, it is anticipated that the development will comprise the construction of 110 new homes (tenure mix to be confirmed), 494 sqm commercial space floor space, and required infrastructure works. Lot 1: The Project is the carrying out of a mixed tenure housing development on the Site on the North West side of Avenue Park Road through a joint venture arrangement. Subject to detailed design / planning, it is anticipated that the development will comprise the construction of 110 new homes (tenure mix to be confirmed), 494 sqm commercial space floor space, and required infrastructure works. The joint venture contractual arrangements between the parties will be structured as follows: (i) Metropolitan Living Limited (MLL) (an entity within the same group as Metropolitan Housing Trust (MHT) and Mount Anvil Avenue Park Road Limited will form a joint venture entity (the "LLP") on a 50/50 basis pursuant to the terms of an LLP Agreement; (ii) MHT will transfer a long leasehold interest in the Site to the LLP; (iii) The LLP will award a Construction Contract to Mount Anvil Limited for the carrying out of the construction works on the Site. The construction works will consist of the construction of the affordable and private sale units, the commercial floorspace and required infrastructure works (iv) The LLP will enter into a Development Management Agreement (DMA) with Mount Anvil (Development Management) Limited. Under the DMA Mount Anvil (Development Management) Limited will be providing pre- construction services, technical advice and project management of the detailed construction design, preparation of the business plan and project programme and all required reporting requirements to the LLP. It will also be providing administrative, corporate and financial services to the LLP including all required taxation, audit, accounting and payment requirements. (v) The LLP will sell the private units that are constructed on the Site on the open market; and (vi) MHT will enter into an Affordable Housing Development Agreement with the LLP for the delivery of the affordable housing units that are constructed on the Site. The affordable units will be retained by MHT following completion. It is anticipated that the LLP will be formed in the second half of 2021. In this Notice this entity shall be referred to as The LLP.