Construction work

Description

Hambleton District Council (the Council) sought a private sector partner (PSP) to jointly deliver a major mixed-use regeneration and development project in Central Northallerton on the (3.4 acre) site of the former HMP Northallerton recently acquired by the Council. The Council's vision for the site includes a mixed provision of retail, leisure, housing and community use premises in accordance with the Central Northallerton Design and Development Framework and Central Northallerton Quadrangle Study (available at www.hambleton.gov.uk/NPD). The project is considered of strategic importance to the Council in sustaining the vibrancy of Northallerton as a market town and complementing the existing High Street. In order to realise the Council's design and development brief, a joint venture company (JVCo) has been chosen as the desired vehicle and the Council will allocate such shareholding in the JVCo to its PSP as will be appropriate to reflect the parties' relative investments. The Council's investment in the JVCo will be primarily by way of committing assets and it is expected that the Council's PSP will invest through cash, assets, works, services or by other approaches to financing and share returns from the development with the Council. The entitlements of the Council and the PSP to returns of profit from the JVCo have been determined during the procurement process. The Council reserves the right to add additional works or services pursuant to Regulation 32(9) of the Public Contracts Regulations 2015.