The London Borough of Redbridge in the UK has launched a tender notice seeking to establish a joint venture (JV) between the Council and a development partner (PSP) for the Ilford Western Gateway development project. The Western Gateway site will deliver 900 new homes with excellent amenities and services, well-connected and attractive and green spaces, and 800sqm of commercial and community spaces, so local shops, restaurants, and community groups located in the center of Ilford city.
The Ilford Western Gateway plans aim to redefine the arrival into Ilford, establish a garden quarter, and create a public realm that rebalances the currently car-dominated environment. The garden quarter will include pedestrianized town squares, walking, and cycling routes, and an array of trees and shrubs to help improve air quality. The total investment of the project is expected to GBP500 million (USD695.16 million)
The Council and PSP’s interest is in the JV will be established through the procurement process but as set out in the Key Commercial Principles document and draft contract documents, it is envisaged that both partners will hold an equal equity interest and will jointly make decisions to drive forward the delivery of the site.
The deadline to submit the bids is August 09, 2021. For more information about this tender, visit our business opportunity page here.