Oldham Town Centre - Master Developer Private Sector Partner (PSP)

Award outcome

Description

The Council appointed a Master Developer Private Sector Partner (PSP) with the financial means and relevant experience, skills, and resources to make a significant contribution to achieving the Vision for Oldham Town Centre via participation in a public private (development) partnership (“the Partnership”) with the Council. 1) The proposed sites that are included in the scope of the Project initially are: Site 1 - Civic Centre Site 2 - Former Magistrates Court & Manchester Chambers Site 3 - Former Leisure Centre 2) Additional Opportunity Sites The Council also has potentially some further sites that it may wish to include in the scope of the Project at some point in the future (“Additional Opportunity Sites”). The Additional Opportunity Sites will not form part of the scope for the Project but the Council is hopeful that such can be included for discussion at some point in the future. The Council will not be obliged to bring forward any Additional Opportunity Sites but the PSP will be expected to consider any proposals that the Council may put forward. The Additional Opportunity Sites are: Site 4 - Bradshaw Street Site 5 - Metropolitan Place Site 6 - Mumps & Wallshaw Street Site 7 - Southgate Street & Waterloo Street Site 8 - Tommyfield Market 3) Third Party Land There may also be other land within the vicinity of the Sites that is not within the ownership of the Council as at the date that the Master Development Agreement is entered into but which may enhance the overall proposition if brought within the scope of the Project (“Third Party Land”). At the request of the Council the PSP shall advise and assist with formulating any proposals to acquire a title interest in any relevant Third Party Land. If so requested by the Council the PSP shall then take the lead on negotiating commercial terms for the acquisition by the Council of the relevant Third Party Land. The entire value and contract duration of all sites described above have been included, for completeness please refer to the breakdown below: Total contract range as described above: £350,000,000 - £550,000,000 This is made up of the following: Core Sites = £150,000,000 to £250,000,000 Additional Opportunity Sites = £150,000,000 to £200,000,000 Third Party Land = £50,000,000 to £100,000,000 Total contract duration - 25 years (300 months) Initial duration - 15 years (180 months) with an optional 10 year (120 month) extension at the discretion of the Council.

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