£40m Real Estate services framework in Manchester now open for bids

18th June 2019

Stockport Metropolitan Borough Council (SMBC), in conjunction with the Greater Manchester Combined Authority (GMCA) as co-promoters (with Transport for Greater Manchester (TfGM) leading from a delivery perspective) are seeking a prospective development partner relating to the £40m residential development element of the Stockport Interchange Mixed Use scheme.


The Stockport Interchange Mixed Use scheme comprises redevelopment of the existing bus station within Stockport town centre, to create a mixed-use development which drives both financial and regeneration benefits from the site. The provider is required to invest equity investment and secure development funding, assist with design development, and implement residential property and asset management (including lettings and tenants) relating to the residential development element.


The framework will provide a residential development, adopting a private rented sector commercial model comprising of approximately 196 1 and 2 bed units with provision for car parking spaces and commercial space beneath. The appointed provider will be entering into a Special Purpose Vehicle (SPV) with SMBC and GMCA.


This work will require the following:

  • Investing equity in to a Special Purpose Vehicle (SPV) and securing development funding sufficient to deliver the Residential Development
  • Adopting a collaborative working partnership with SMBC, GMCA and TfGM to progress the design development and delivery of the Residential Development. To include identification and delivery of value engineering opportunities and maximising gross development value and financial returns to stakeholders
  • Implementing residential property and asset management via the SPV over a minimum term, including management of lettings and tenants

The Residential Development is part of a Mixed Use scheme led by Transport for Greater Manchester (TfGM). TfGM are responsible for funding the redevelopment of the Interchange and the other infrastructure enhancements, including the ‘green’ public space and improved connectivity proposals, SMBC and GMCA are seeking to secure the funding and ongoing management and operation of the residential development element of the scheme, through appointment of a development partner in the future.


The contracts awarded are to run from November 2019 to November 2034.


The deadline for receipts of tenders or requests to participate is currently 22nd July 2019.


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