Purpose

1.    
This Report seeks endorsement
of the recommendation to (i) award Preferred Tenderer
status to Tenderer A and (ii) subsequently to enter into the
Development Agreement with the Preferred Tenderer (after which they
will be referred to as the Development Partner)

2.    
The Developer Partner will work
collaboratively with the Council on a planning application covering
both Camley Street (Site A: 120-136
Camley Street) and Cedar Way (Site B: 3-30 Cedar Way).
Once planning consent is granted and other key contractual
conditions are satisfied, Site B will be transferred to the
Development Partner (on a long lease in exchange for a capital
receipt) who will be responsible for funding and building it
out.

3.    
The Council has carried out an
intensive tender evaluation process to assess final bids. Details
of the evaluation process and final Tender Report by the
Council’s Commercial Agent JLL are set out in Part II of the
Report Appendix 2 with attachments.

4.    
Following the evaluation of
final bids, the highest scoring tenderer is Tenderer A. Officers
and external advisors therefore recommend that Tenderer A be
awarded Preferred Tender status.

5.    
Tenderer A’s Financial
Offer to the Council (capital receipt) in return for the long lease
of Site B on Cedar Way) is set out in Part II of the Report
Appendix 1.

6.    
The Development Partner will
fully fund and deliver the development of Site B on Cedar Way. The
Council has an approved budget to ensure the joint planning
application for Sites A and B is prepared successfully in
partnership with the Development Partner.

7.    
Detailed Financial comments on
the Recommendation are set out in Part II Appendix 1.

8.    
Camden Living will purchase the
affordable homes on Site A on Camley Street at best
consideration.
 
 
 

Content

THAT the Executive Director Supporting Communities in
consultation with the Cabinet Member for New Homes, Jobs and
Community Investment, Cabinet Member for Better Homes and Cabinet
Member for Finance and Cost of Living, the Executive Director
Corporate Services and the Borough Solicitor, agrees:
(i)       to award
Preferred Tenderer status to Tenderer A; and,
(ii)      subject to due
diligence, and to the Director of Development finalising the terms
of the contract (in consultation with the Borough Solicitor and
professional advisors), to enter into the Development Agreement
with the Preferred Tenderer (after which they would be known as the
Development Partner) and any associated agreements including land
transaction agreements, to govern their design and build out of
Site B, which would be transferred to the Development Partner on a
long lease in exchange for a capital receipt.