Procurement of a development partner for the redevelopment of Mayes Yard

Description

Bedford Borough Council wish to appoint a development partner to enter into a development agreement for the redevelopment of Mayes Yard as part of the Council's overall regeneration plans for Bedford Town Centre. The Council's vision is for an exemplary mixed-use development that will provide a cultural hub for Bedford and act as a catalyst for wider regeneration. The overall site extends to c. 3.5 acres in which the Council own various freehold interests including the former Debenhams Department Store, Central Library, Corn Exchange and Harpur Suite. The Council undertook a massing exercise to understand the potential for the site which indicated potential for c. 250 new homes alongside new retail, leisure and commercial space. Whilst this study is made available to via the Council's procurement portal it is not prescriptive, and the selected developer would work with the Council in bringing forward the designs for the new development alongside other matters to bring the opportunity forward. Alongside commercial and residential development, the Council's project objectives include the re-provision of the Central Library as part of the development and the Council has ambitions to extend the capacity of the Corn Exchange to 1,000+ seats. The contractual arrangements will be through a Development Agreement where land is drawn down upon the satisfaction of conditions. Further particulars in respect of the opportunity are set out in the documents issued via the Council's procurement portal. Between March and May 2025 the Council's advisors undertook a market engagement exercise. They engaged with suppliers to establish the level of interest in the development site and the key parameters for undertaking a procurement. The exercise was also utilised to understand whether any elements of the proposed scheme / the Council's emerging thinking raised any factors bearing on the procurement or commercial terms being developed by the Council within the market. The responses and feedback received (including from meetings held) have informed the Council's requirements, procurement approach, conditions for participation and award criteria, likely suppliers who may be able to supply the services and works, and the intended commercial terms. The engagement also helped the Council establish marked knowledge of, and interest in, the opportunity. Further detail on the market engagement exercise is set out in the Preliminary Market Engagement Notice issued by the Council on 5 June 2025. It should be noted that the 'total value (estimated)' stated in this notice is an expression of the estimated gross development value of the development which could be delivered through the opportunity.