Provision of Railway Estates Management Services: Retail, Commercial and Occupations

FirstRail Holdings (FRH) is looking to appoint an experienced RICS rail estate management consultancy to drive and deliver both higher rental income returns by increasing the rent roll and substantial customer service improvements through capital and tenant investment. Our built stations estate (which encompasses all property within our Leases including station buildings, car parks and other land and property.) The scope of this requirement covers the provision of an estate management services provider for Great Western Railway, South Western Railway and Avanti West Coast and TransPennine Express Train Operating Contracts (TOCs). Please note that First Transpennine Express (TPE) is included within this tender as an optional "add on", however there is no guarantee that this TOC will be included in the final contract award. FRH reserve the right to include TPE and the associated service offering from the successful bidder at any point or not at all over the duration of the contract term utilising this tendering process. The estate comprises of over 700 properties providing a broad mix of retail, office, residential and other commercial tenancies held on a mixture of leases and licences. For the avoidance of doubt this excludes the management of station car parking and commercial advertising. The estate has generated a rental income to these FirstGroup TOCs of approximately £13.7m per annum pre-Covid pandemic, and budgeted income of £10.8m per annum year ending March 2023. The proposed contract would be for an initial 3-year period up to 24th July 2025 with an option to extend for a further year up to July 2026. The estimated value of the contract is expected to be approximately in the range of £2,456,764 and £4,176,500 excluding VAT for the full 4 years of the contract (this includes the optional one-year extension for all four TOCs). The anticipated range excluding TPE is in anticipated to be in the range of £2,292,547 - £3,897,330.92.