Development services of real estate
Section I: Contracting authority
Section II: Object
ID Manchester is one of the last major development opportunity sites in Manchester City Centre (18 acres (7,3 hectares)) and is located to the south of the city adjacent to Piccadilly Railway Station, the University campus, Manchester University NHS Foundation Trust and the wider Oxford Road Corridor.
The University is seeking an investment and development partner with the financial means and relevant experience to realise the vision for ID Manchester in a Joint Venture with the University. The University expects the partner to hold a long term interest in the Joint Venture. The partner could be a single organisation or group of organisations that bring together the necessary funding and expertise to deliver the vision.
As a new mixed-use city centre neighbourhood it offers an exceptional opportunity to curate and develop the ID Manchester Site into a vibrant, dynamic, diverse and inclusive environment that creates a new exemplar for Innovation Districts and urban renewal.
The University of Manchester.
The University is seeking a long term investor and development partner who will invest in and bring forward the development of the ID Manchester Site in a Joint Venture (the ‘JV’) with the University as a mixed-use community in order to deliver the vision.
The vision for ID Manchester is based around 3 key pillars, which in summary are:
— welcoming: ID Manchester will be open, inclusive, intelligent, welcoming and fun. A model of successful urban regeneration where local communities can engage with new technologies, ideas and experiences,
— supporting: by seeking out diverse occupiers (by sector, scale, and outlook) and actively promoting collaboration through formal and informal structures, programming and facilitated interaction, ID Manchester will create the ideal platform for accelerated business growth,
— adapting: by establishing a set of clear, effective and market responsive strategies and governance structures ID Manchester will enable businesses to truly benefit from the wider innovation ecosystem, research assets, talent pool and influence of the University.
The University’s equity contribution to the JV will be the ID Manchester Site via long leasehold transfers on a plot by plot basis subject to the satisfaction of certain pre-conditions. The partner will provide cash equity funding into the JV. The partner will also provide services to the JV, envisaged to be business and development management services, with investment management services procured by the JV as such services are not required immediately (although this may be included if specific to a bidder's offer). The partner will propose its fee/incentivisation structure for such services.
The University will hold a significant equity stake (no less than 35 %) in the JV with decision making within the JV being on an equal basis alongside its partner, recognising the University’s value as a JV partner.
The University is therefore seeking a partner who has experience in, and is able to:
— demonstrate long-term partnership working approaches, a commitment to partnership and communication at all levels of the Joint Venture through all phases of the delivery of the vision over the long-term,
— provide a high-quality, experienced team with exemplary and transferable skills, which are considered capable of delivering the vision and objectives,
— demonstrate creativity and a detailed understanding of how best to deliver the vision,
— demonstrate they have the financial wherewithal to fund their equity commitments and secure funding to ensure development is capable of taking place.
It is envisaged that the JV will establish special purpose vehicles to bring forward the development of the ID Manchester Site on a plot by plot basis to enable each plot to be separately funded by way of external debt. The University’s preference is for ID Manchester to be delivered holistically and not be seen as a plot by plot investment by bidders.
On completion of its new engineering campus on Oxford Road the University plans to vacate the ID Manchester Site but will continue to occupy accommodation at the South end, where it has significant business-facing research activity.
It is anticipated that the JV (itself or through or SPVs wholly owned by the joint venture) will develop a masterplan for the JV, secure planning, procure and carry out all infrastructure works on a site wide basis, secure development of the ID Manchester Site, secure occupiers, manage the estate (potentially via a management company) and hold the developed ID Manchester Site as a long-term investment asset.
The University may request that the JV undertake development on its behalf on land to be retained by the University (adjacent to the Masdar Building and/or next to the MIB). This is envisaged to be under licence but the commercial/financial terms for any development would be agreed between the University and the JV at the time.
Objective criteria for choosing the limited number of candidates: selection of suppliers to be invited to participate in dialogue will be based on information provided in response to the selection questionnaire and assessed against the selection criteria set out in the selection questionnaire.
The University’s current estimate of the duration of the development of ID Manchester is 180 months (15 years). However, the Joint Venture will endure far beyond this timeframe with the University potentially remaining as a partner in the Joint Venture beyond the 15 year time frame.
The estimated value of the contract set out in Section II.2.6) is the gross development value (GDV).
Section III: Legal, economic, financial and technical information
Information, formalities and necessary requirements to be met will be set out in the selection questionnaire descriptive document, information memorandum, project specification and the draft invitation to participate in dialogue, all of which will be made available via the University’s procurement portal In-Tend. Further information will be provided to candidates via a data room located at https://www8.idealsvdr.com/v3/idmanchester.
The University may require appropriate parent company guarantees in relation to the partners funding and/or services obligations.
The University reserves the right to require a consortium to take a specific legal form.
Section IV: Procedure
Section VI: Complementary information
The University wishes to run a streamlined and efficient dialogue process to minimise cost and delay to all parties. Bidders must ensure that they have appropriate legal, technical and financial support to participate in the dialogue at all times.
This procurement process will be conducted through the University’s procurement portal In-Tend and any submission made outside of this portal will be disqualified.
All communications, including selection questionnaire responses and tender submissions must be written in English and priced in pounds sterling.
Nothing in this procurement process is intended to form any express or implied contractual relationship between the parties unless and until the award of a contract is concluded. No contract (whether implied or otherwise) shall exist between any bidder and the University until such time as a contract is awarded to a successful bidder.
Any contract entered into as a result of this procurement will be considered to be a contract governed by English Law and subject to the exclusive jurisdiction of the Courts of England and Wales.
The University shall have no liability for any costs, expenses, fees or charges (including third party costs) incurred by those expressing interest in and/or participating in dialogue and/or tendering for this opportunity.
The University reserves the right to terminate or suspend this procurement process or to amend or vary the process at any time prior to the conclusion of the award of contract without liability to any party.
Internet address: https://in-tendhost.co.uk/universityofmanchester/aspx/Home
Precise information on deadline(s) for review procedures:
Part 3 of the Public Contracts Regulations 2015 address the remedies available to economic operators. The University will incorporate a minimum 10 (ten) calendar day standstill period in accordance with Regulation 87 of the Public Contracts Regulation 2015 prior to concluding the award of any contract pursuant to this notice.
Telephone: +44 1612752160
Internet address: https://in-tendhost.co.uk/universityofmanchester/aspx/Home
|Award Criteria||The most economic tender|
|Date Published||12th Sep 2019|
|Common Procurement Vocabulary||Development services of real estate|
Real estate services
Real estate services with own property
Development of residential real estate
Development of non-residential real estate
Building sale or purchase services
Land sale or purchase services