Construction work

Description

The project is the carrying out of a mixed tenure housing development on the Site at Clitheroe Road through a joint venture arrangement. The development will comprise the construction of 188 new homes (131 private sale units, and 57 affordable units) and required highways and drainage infrastructure works. The project is the carrying out of a mixed tenure housing development on the Site at Clitheroe Road through a joint venture arrangement. The development will comprise the construction of 188 new homes (131 private sale units, and 57 affordable units) and required highways and drainage infrastructure works. The joint venture contractual arrangements between the parties will be structured as follows: (i) THT Developments Ltd (an entity within Trafford Housing Trust's group) and Lovell Partnerships Ltd (Lovell) will form a joint venture entity (the ‘LLP’) on a 50/50 basis pursuant to the terms of an LLP Agreement; (ii) Trafford Housing Trust Ltd (Trafford) will transfer a freehold interest in the Site to the LLP; (iii) The LLP will award a construction contract to Lovell for the carrying out of the construction works on the Site. The construction works will consist of the construction of the affordable and private sale units and required highways and drainage infrastructure works; (iv) The LLP will enter into a Corporate Services Agreement (CSA) and Project Services Agreement (PSA) with Lovell. Under the PSA Lovell will be providing pre-construction services, technical advice and project management of the detailed construction design, preparation of the business plan and project programme and all required reporting requirements to the LLP. Under the CSA Lovell will be providing administrative, corporate and financial services to the LLP including all required taxation, audit, accounting and payment requirements. (v) The LLP will sell the private units that are constructed on the Site on the open market; and (vi) Trafford will enter into an affordable housing development agreement with the LLP for the delivery of the affordable housing units that are constructed on the Site. The affordable units will be retained by Trafford following completion. It is anticipated that the LLP will be formed in early 2021. In this Notice this entity shall be referred to as The LLP.