Knight Frank Investment Management LLP is seeking to procure a development manager on behalf of Local Pensions Partnership Investments Ltd to provide development management services at One Passage Street, Bristol BS2 0JF, a property owned by an Authorised Contractual Scheme being the LPPI Real Estate Fund. One Passage Street is a purpose built office property comprising approximately 33 000 sq ft, which is intended for demolition and re-development.
Knight Frank Investment Management LLP (‘KFIM’) is seeking to procure a development manager on behalf of Local Pensions Partnership Investments Ltd (‘LPPI’) to provide development management services at One Passage Street, Bristol, BS2 0JF (the ‘Property’). The property is owned by an Authorised Contractual Scheme (‘ACS’) being LPPI Real Estate Fund (the ‘Fund’).
The Property is a purpose built office property comprising approximately 33 000 sq ft, which is intended for demolition and redevelopment. The Property is let in its entirety to Global Radio Services Ltd. on a lease expiring 28 September 2021 and is within the provisions of the 1954 Act. Vacant possession can be obtained under ground F (s.30) if a redevelopment can be demonstrated and subject to the payment of compensation (2x rateable value). It is intended that the Property will be demolished and redeveloped at lease expiry.
KFIM is managing this procurement process on behalf of LPPI. Potential suppliers should note that the successful tenderer will be required to contract directly with LPPI.
The proposed terms of the contract to be entered into with the successful tenderer will be provided to shortlisted tenderers alongside the invitation to tender. A summary of the proposed terms, together with a description of the services to be provided by the successful tenderer, are provided in the Memorandum of Information (‘MoI’) released with the Selection Questionnaire (‘SQ’).
The successful tenderer will be required to provide the services for the period of the redevelopment, currently expected to commence in April 2020 and expire in October 2024. Further information on the proposed term of the contract is to be included in the summary of the proposed terms included as part of the MoI.