Belfast City Council Private Sector Partner (PSP)

Description

The Council is seeking to appoint a Private Sector Partner ("PSP") to act as a master developer with the financial means and relevant experience, skills, and resources to make a significant contribution to achieving the vision for Belfast City via participation in a public private development partnership (“the Partnership”) with the Council. The opportunity comprises development opportunities across a number identified and potential sites as follows: 1) "Seed Sites" – These are sites that are largely owned by the Council (with other bodies including public sector bodies currently holding some ownership interest) which will be made available for development by the Partnership. The proposed Seed Sites that will be included in the scope of the Partnership initially are: Site 1 – Lands at Exchange Street and 24-42 Corporation Street Site 2 – Inner North West South – including Smithfield Market and Samuel Street Site 3 – Lands at 22-38 Gloucester Street Site 4 – Lands at Ormeau Avenue 2) "Additional Opportunity Sites" – These are further sites that the Council owns or are in the ownership of other public sector bodies (or other third parties) within Belfast City boundary that may be made available for development by the Partnership at some point in the future which may assist in achieving the Council's objectives if brought within the scope of the Partnership. It is unlikely that the Additional Opportunity Sites will be available for development by the Partnership at the outset but the Council is confident that such sites, particularly the public sector owned sites can be brought forward for development by the Partnership in the future. The opportunity may also significantly increase by the inclusion of third party owned land coming into the Partnership. Please note that the Council will not be obliged to bring forward any Additional Opportunity Sites but the Partnership will be expected to consider any proposals that the Council may put forward in relation to them. Accordingly the extent of the opportunity available to the Partnership extends to these sites. Because the Council is not currently in control of all of the Additional Opportunity Sites it is not possible to be definitive as to the actual value of those site but the Council has put forward an estimate for these Additonal Opportunity Sites below. At the request of the Council the PSP shall advise and assist with formulating any proposals to acquire a title interest in any relevant Additional Opportunity Sites. Only if so requested by and at the direction of the Council, the Partnership shall then take the lead on negotiating commercial terms for the acquisition, and the subsequent development, of the relevant Additional Opportunity Sites. The estimated total value of this opportunity is £630,000,000. For indicative information, this value is anticipated to be allocated between the types of site stated above as follows: - Seed Sites = £280,000,000 - Additional Opportunity Sites = £350,000,000 Maximum contract duration - 25 years (300 months). Initial duration of the Partnership pursuant to a Strategic Partnership Agreement - 15 years (180 months) with an optional 10 year (120 month) extension at the discretion of the Council. Individual sites will be progressed pursuant to separate development agreements which will be agreed in accordance with the processes set out in the Strategic Partnership Agreement.

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