Real estate services

Description

HS2 Ltd, on behalf of the Contracting Authorities (SoS & NR) procured an MDP to lead the regeneration of the Euston Estate, a 22 hectare site consisting of SoS and NR owned land above and around Euston Station, to: — develop and promote a Masterplan vision for the Euston Estate, in partnership with stakeholders, — ensure that development is integrated and value is optimised without compromise to HS2/NR station operation/delivery, — promote and secure planning permissions, — have the option to fund and deliver the construction of buildings and associated amenities; and, — establish the management arrangements for the completed Euston Estate (excluding railway property). Applicants were advised that the NR station redevelopment was at an early planning phase and not yet funded. Applicants were also advised that this opportunity did not involve the design or construction of any railway infrastructure or stations. The Secretary of State for Transport (SoS) is delivering a new terminus station for High Speed 2 at Euston Station. Network Rail (NR) are owners of the adjacent “Conventional Station” and surrounding lands. SoS and NR have brought together their land holdings at Euston, creating an estate capable of accommodating significant commercial and residential development and have prepared a Masterplan to quantify the development potential of the Euston Estate. SoS and NR (together, the Contracting Authorities) have entered into a Collaboration Agreement to effectively pool their respective ownerships in the public interest and also to streamline decision making between the Contracting Authorities. The Overarching Objectives of the Contracting Authorities are to: deliver a high quality mixed use development of the Euston Estate, create significant economic and social benefits for the local, regional and national economy and maximise financial returns from a development of the Euston Estate. The Contracting Authorities have jointly procured an MDP to support the delivery of the Overarching Objectives. The Contracting Authorities have entered into a Contract with the MDP (the Development Agreement and ancillary agreements) to govern the terms of the development of the Euston Estate. The terms of the Contract are designed to secure the delivery of the Overarching Objectives and other key deliverables, broadly covering the following stages: Stage 1 — Masterplanning and Stations Interface, Stage 2 — Outline Planning Application, Stage 3 — Plot Progress, Stage 4 — Estate Management. The Contract together with an agreed form of Business Plan embodies the agreed deliverables and will together be the key documents for judging the performance of the MDP, and contains performance criteria against which the MDP will be measured across the life of the scheme. It is envisaged that the Contract will extend for a period of 25 years unless terminated earlier in specified circumstances, and it may be extended by agreement between the parties (up to a total duration of 40 years).