Package Deal at Corinthian Way, Cheltenham

Award outcome

Description

Guinness Developments Limited ("GDL") intends to enter into a build contract with Stonebond Properties (Birmingham) Limited. This scheme is a traditional land and build "package" deal brought to GDL by Stonebond, which will result in the construction of up to 60 homes on land at Corinthian Way, Cheltenham, GL51 6UP. The package deal will comprise the unconditional purchase of land from Stonebond by GDL and simultaneously GDL will enter into a Development Agreement with Stonebond for the construction of the new homes as an exempt transaction under Procurement Act 2023. The contracting authority for the build contract under PA2023 will be GDL who are a subsidiary of The Guinness Partnership Limited ("TGPL"). Ownership of the properties will be transferred to TGPL upon practical completion or Golden Brick. Please note that VAT is only payable on the land purchase element of the contract. The build element of the contract is not subject to VAT.

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