Multi-dwelling buildings construction work

Description

LB of Havering (‘the Council’) entered into a contract for up to 30 years for a partner to form a long-term corporate joint venture (‘JV’) property vehicle to secure investment and expertise to deliver Havering’s housing led regeneration strategy, entered into 27 April 2018 (‘the Contract’). The opportunity was advertised in OJEU (2017/S 094-185114) and procured under the Concession Contracts Regulations 2016. Further details of the original Contract are in that OJEU Notice. The Contract includes a Members’ Agreement (MA) and Development Agreement (DA) with the JV LLP and other ancillary documents. The Council intends to make additional funding available, refresh the JV’s business plan and modify the DA. Further information can be found in the Council’s supplement document, at the web address in section II.2.4) below. The information in the supplement document should be read in conjunction with this notice and both documents should be considered as a whole. Further info is at https://www.havering.gov.uk/downloads/file/4215/appendix_3_veat_notice_supplement_document_-_havering_-_12_estates_renewal. The Council intends to: 1) Make additional GBP 58.3 million equity funding available to JV. Also, to refresh JV business plan (BP) to include Council forward funding of GBP 45.4 million for phase 1 (in the light of additional 53 affordable housing units and reduction of open market units from 1085 to 934, changes to design and other factors). 2) Refresh JV BP to remove Delta estate. 3) Refresh JV BP to include addition of further sites. 4) Amend DA to bring forward timing of demolition of Waterloo Estate and Council providing additional £7.8m financing in place of debt funding (some changes to be made by variation to the DA and a new supplemental dev agreement with JV). Continued in VI.3 (Additional Information).