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Our work - 22/01/2020

Bath Bank - Bath and North East Somerset Council

A £400m hi-tech, office-led, mixed-use scheme in a World Heritage Location

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An Outline

The project comprises delivery of a £400m hi-tech office-led mix used scheme in a World Heritage location. We provided feasibility and viability services, advice on procuring a market facing planning consent, advice on delivery solutions and OJEU procurement, and successful negotiation of commercial terms with Legal and General. The council will receive a new basement car park, alongside £50m of essential infrastructure works, affordable housing units and a share of the development return.

The Challenge

We were instructed by the council to deliver a compelling £400m hi-tech office led mixed use scheme to maintain current income during redevelopment whilst also attracting a long term sustainable investment partner. 

Our Solution

  • We worked alongside the Council’s legal, financial, regeneration and corporate teams.
  • We undertook a soft market test to refine key investment and legal considerations.
  • We worked alongside Allies and Morrison to secure planning consent, de-risking the planning process
  • We prepared HoT for the proposed delivery vehicle and led on the preparation of the procurement documents, marketing pack and associated commercial negotiations.
  • We appraised potential options for the Council as they consider further investment in the scheme on a state aid compliant basis.
  • We created a bespoke financial model to examine overall viability and provide “like for like” developer bids 

The Results

This resulted in our continued involvement with securing key occupiers to underpin the cost of essential infrastructure as the Council currently works with the developer to make a detailed planning application in early 2020. We have been retained to advise on the negotiation of the S106 agreement as well as provide letting and property management services. 

 

(Images supplied by Stephen Taylor)

 

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