Appointment of Development Partner/Promoter for Wisloe Residential and Community Regeneration

The Council is working with The Ernest Cook Trust and is looking to procure a strategic development partner/promoter in order to deliver a vibrant and sustainable new community in Wisloe, Slimbridge (based in the boundary of SDC) through the construction of circa 1,500 new homes along with 5 hectares of employment land, retail, community uses (including a primary school) and open space. The land, owned by the Council and The Ernest Cook Trust, is allocated within SDC's draft Local Plan (submitted October 2021) for a new residential development. It is ideally placed for the development of a distinctive rural community that addresses the need for new and affordable homes in the Stroud district. The Council and The Ernest Cook Trust has self-funded the project this far and currently the planned development is currently with the Planning Inspectorate for their consideration (Examination in Public ("EiP")). The Council and The Ernest Cook Trust intend to enter into a long term development/promoter agreement with a partner(s) that shares the Council’s vision and commitment to meet the benchmarks for design and build quality set by SDC's allocation requirements and Local Plan. The Council plans to procure a development/promoter partner that is looking to invest and work in partnership with the Council and The Ernest Cook Trust over an initial term of 10 years, with the option to extend for a further 10 years, to promote economic and housing growth. The maximum term of the agreement would therefore be 20 years. The Council is seeking expressions of interest from suitably experienced development partner(s) and promoter(s). Both the Council and The Ernest Cook Trust are keen to explore all options of innovative property delivery models. If a joint venture structure is adopted, this could take the form of a contractual joint venture or involve the creation of a joint venture vehicle. Proposals for the most effective structure are welcomed as part of the market testing exercise. The Council and The Ernest Cook Trust welcomes comment on these proposals and/or alternative proposals as part of this market-testing exercise and, in particular, as to whether its aspirations are achievable and the opportunities presented by the project are sufficiently attractive to the market. The current outline scope for role of the development partner/promoter, which is subject to change, is as follows: (a) the development partner/promoter would provide most, or all of the risk capital required from this point as the Council and The Ernest Cook Trust has already made a very substantial financial commitment to the development initiative, and this continues. However, the Council anticipates additional public sector grant funding may be possible to source and would lead on seeking to access this; (b) assemble and instruct all necessary professional team members required for the project; (c) lead occupier engagement (unless it is deemed more appropriate for the Council to do this) and secure all legal agreements with identified parties; (d) lead on planning process and securing any necessary third party land; (e) organise construction contracts and secure all necessary funding; (f) work with the Council and The Ernest Cook Trust to ensure the success of the development by managing the build process and taking all key project risk; (g) attract further regeneration funds and create commercial confidence; and (i) deliver business growth and investment. This outline scope will be refined and revised, as applicable, following the response to this Prior Information Notice ("PIN") from the market. The Council and The Ernest Cook Trust asks the market to invite comment from the market via the use of a questionnaire and informal meetings as requested. Further details (the questionnaire and accompanying brochure) can be requested from wisloe@savills.co.uk. Interested organisations are requested to return their completed Feedback Questionnaires to wisloe@savills.com by no later than Friday 31 May 2024. The regeneration and economic plans for Wisloe are predicated on housing-led economic growth which is formalised through SDC's statutory obligations to seek to deliver the Local Plan. Additional information: The Preliminary Market Consultation Documents ("PMCD") provide detail on the Council's and The Ernest Cook Trust’s aspirations and sets out the process and conduct related to the market consultation it expects to conduct with interested organisations. The Council asks the market to invite comment from the market via the use of a questionnaire and informal meetings as requested. Further details (the questionnaire and accompanying brochure) can be requested from wisloe@savills.co.uk. Interested organisations are requested to return their completed Feedback Questionnaires to wisloe@savills.com by no later than Friday 31 May 2024.