Pudding Mill Lane Joint Venture Development Partner Procurement

Description

London Legacy Development Corporation (‘LLDC’) is seeking to appoint a development partner to form a corporate joint venture (“JV”). The JV shall deliver the Pudding Mill Lane Development (‘the Site’) pursuant to a development agreement with LLDC (“DA”). The DA shall provide for the ultimate grant of a leasehold interest (minimum 250-year term) to the JV for the Site. The Site has the potential to deliver in the region of 948 homes and up to 52,000m2 of non-residential space. The initial value of this concession opportunity is approximately £675m. This opportunity may also include the balance of Planning Development Zone 8, the Pudding Mill Lane site and Planning Development Zone 12, the Rick Roberts Way site both identified in the Legacy Communities Scheme and under the control of LLDC, the total estimated development value for the additional site is £750m. Lot 1: See II.1.4 above and note the following: 1) LLDC is seeking a developer partner to jointly deliver the development of the Sites through a 50%/50% incorporated vehicle (the “JV”) which shall be governed by a joint venture agreement. 2) the DA shall provide ultimately for a leasehold interest (minimum 250-year term) of the Sites to be granted to the JV. For further information please visit: https://award.commercedecisions.com/londonlegacy/web/project/bb7a3c7c-0a5e-47cf-8762-fc432f1b5811/register. Additional information: 1) the DA shall be entered into by LLDC and the JV 2) key contracts (including building contracts) shall be procured after award by the JV