The Council requires a developer with the financial resources, skills, commitment and ambition to work alongside it in a long term partnership to deliver the development.
The selected partner will be required to enter into a Development Agreement which will contain the following main principles:
- An obligation on the Developer to fund demolition & site clearance works, remediation, public realm and car parking construction, subject to the stated funding provided by the Council.
- It is envisaged that the Development Agreement will be established for a minimum of 5 years with the potential to extend.
- The Developer will develop in accordance with the approved development programme. Design guidelines and restrictions will apply. Termination provisions will apply for non performance.
- The Developer will progress the office led, mixed-use scheme. The final mix of commercial and residential uses will be agreed through the developer selection process, subject to the parameters provided.
- Individual phases will be developed under a series of licences to provide access required. Long leasehold interests will be granted in relation to building plots and will include restrictions on use until Practical Completion of assets.
- Financial terms are to include licence fees payable during development, minimum premiums, profit on cost and share of development surplus.
- The Developer will lead the securing of key occupiers, scheme delivery and provide development finance.
The selected Developer will benefit from:
- The work being carried out by the Council to realign Corn Street, undertake initial redirection of utilities, construct a footbridge to Bath Quays South and undertake flood alleviation works.
- The masterplan produced by the Council and supporting technical information commissioned.
- Access to potential occupiers, funding for essential infrastructure works and a willingness to consider an accelerated development through additional undertakings.
Draft Heads of Terms are included within the information pack.
More detailed development and financial guidelines will be supplied to shortlisted developers.