London South Bank University (LSBU) has launched a tender process to seek a development partner to bring forward the redevelopment of its current Technopark site on its main campus at Southwark in the heart of London's Elephant and Castle (UK).

The proposed project will involve the redevelopment of part of the site for a range of accommodation for LSBU and its student community, and the remainder of the site lends itself to a wide range of potential development opportunities. 

The Technopark site currently consists of 8,901 sq metres of office space. The project's aim is to bring about the redevelopment of the site for a number of uses, and providing learning space, conference facilities, offices and student accommodation for LSBU at no capital cost and to generate a significant capital receipt. LSBU intends that the site will be transferred to the successful developer on a long leasehold basis. It is intended that this part of the completed development would then be leased to LSBU on terms to be agreed during the negotiation stage and incorporated in any principal development agreement (PDA). The remainder of the site could be developed, subject to planning, for a variety of uses only as approved by LSBU.

As a minimum LSBU will require the following elements to be re-provided to it and as set out in the descriptive documents:

• Conference facilities.
• A minimum number of student bedrooms meeting LSBU's minimum standards.
• Teaching accommodation, general teaching spaces and offices.
• Reception, lobby and café/dining facilities as set out in the descriptive document.

The procurement process is expected to take up to 12 months to complete. The development phase of the contract is expected to continue for up to 10 years, and LSBU's intention is that a long lease will be granted to the developer, with a lease back to LSBU of the LSBU elements of the accommodation.

The estimated contract value is estimated to be in the region of £200 million — £500 million (US$260 million — US$648 million) plus VAT. It is possible, depending on the scope of the project and the negotiation with bidders, that a developer's overall project on the site could have a value of up to £1.5 billion plus VAT.

The deadline for submitting proposals is November, 2.

For more information about this business opportunity, please visit the following website.