Tender for the role of development partner for developing a residential led development with under a 250 year lease across three council owned sites adjacent to Larkhall Park.
London Borough of Lambeth · London
Key facts
- Estimated value
- £4,950,000
- Closing date
- 23 Apr 2018
- Contract starts
- 19 Aug 2018
- Contract ends
- 20 Aug 2020
- Procedure
- Restricted procedure
- Buyer type
- Local government
Description
The three sites next to Larkhall Park are currently underutilised and have been identified as an opportunity to deliver a high quality residential led development to include a policy compliant level (50% onsite with 70% Social Rent 30% Intermediate Rent split) of affordable housing. An appropriate quantum of commercial use in the form of flexible business/community floor space is also required to help offset the loss of existing business and community uses on Site 1 and Site 3 respectively. A high quality development is critical to improve the local environment and in particular offer an opportunity to enhance the settings of the adjacent park and heritage assets next to Site 2. In that regard the Friends of Larkhall Park are a very important stakeholder that the selected development partner must proactively engage with during the planning phase. The concept design that accompanies the ITT has been positively tested with the Local Planning Authority and therefore assists with some parameter setting for prospective tenderers. However, the Council has not set an upper limit on the number of residential units to be provided across the sites and will be assessing the urban design principles which inform the developer's design proposals including height, massing and density. It is anticipated that the three sites will come forward as a single planning application unless it can be demonstrated that this will be prejudicial to delivery or programme. The Council does not have a specific occupational/operational requirement for the commercial floor space and will not be looking to take an occupational interest in it. However, the Council will require an Option in the Development Agreement to acquire the entire floor space, or part thereof, from the successful bidder at a price in line with the value attributed to it within the Tenderer's bid.
Categories (CPV)
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