County in UK looking for partner in GBP1bn development JV
West Sussex County Council in the UK has launched a tender notice seeking to procure a strategic property development partner (JV Partnership). The development partner will carry out the demolition, preparation, design, build, finance, including (but not limited to) housing, retail, new residential units, commercial units, public government buildings and spaces including hospitals, police and ambulance facilities, education and leisure facilities.
The Council has a substantial portfolio of surplus land and property, both within and outside the County boundary, that can either be disposed of or developed. The private partner will identify opportunities from its land holdings and potentially those of its partners, and bring forward development and funding on these sites. The Partnership will also have the opportunity to purchase and develop land and property both within and beyond the County boundary. The Council is proposing a particular structure for the JV Partnership. It is anticipated this would be through a new or existing wholly-owned subsidiary company limited by shares for a contract term of 30 years. There may be a requirement for the partner to undertake other specialist areas such as highway works.
The estimated investment value for the project is between GBP 750 million (USD 924 million) and GBP 1 billion (US$ 1.24 billion). The partner will provide its development expertise, equity investment and access to private funding.
The JV Partnership will fund and deliver a programme of sites (including residential, commercial, community and other schemes) which are:
- owned by the Council; and/or
- owned by the the private sector partner; and/or
- sites which may be purchased/developed by the JV Partnership.
The Council and its partner will share in any financial returns from the sale or development of the sites in a manner that is commensurate with the risks taken.
The deadline to submit the interest is July 24, 2020.
You can find more information about this tender on our business opportunity page here.
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