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Awarded

Construction work

Published

Supplier(s)

Chobham Manor LLP, Taylor Wimpey PLC, London & Quadrant Housing Trust

Value

470,000,000 GBP

Description

Variation to an existing Development Agreement awarded on 7.12.2012 for the provision of multi-dwelling buildings and individual houses and together with various retail and leisure units and related infrastructure in the Chobham Manor area of Queen Elizabeth Olympic Park. The deed of variation has amended the Development Agreement as follows: (a) increase LLDC’s percentage return in relation to Phase 3 by 5 % and by 10 % for Phase 4; (b) cap LLDC’s total receipts from the development agreement (such receipts were originally uncapped) subject to the below; (c) settle an agreed programme of works which shall oblige the Developer to commence Phase 3 by a longstop date which may only be changed by Force Majeure or “adverse market conditions” (as defined in the DA). To the extent the Developer fails to commence works it shall be liable for an additional payment to LLDC; (d) in respect of LLDC’s expected receipts from the developed Affordable Housing LLDC was originally entitled a percentage of the “Developer’s Excess”. The Developer’s Excess sum is derived from deducting the “base figure” from the sum derived from adding the affordable revenue to the unsold market value. Pursuant to this Deed of Variation the “base figure” has increased, reducing the Developer’s Excess available for distribution; (e) there were no overage provisions in the original agreement. Overage shall now apply to any “Excess” returns in respect of Phases 3 and 4. “Excess” means anything above a 15 % priority return to the Developer on revenue after costs are deducted. LLDC shall now obtain a percentage share of any Excess on an increasing basis up to 50 % on any ‘super profits’ from the scheme.

Timeline

Award date

5 years ago

Publish date

5 years ago

Buyer information

London Legacy Development Corporation

Contact:
Michael Smith
Email:
procurement@londonlegacy.co.uk

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