Published date: 30 May 2023

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 30 May 2023, 5:30pm

Contract summary

Industry

  • Construction work - 45000000

Location of contract

England

Value of contract

£28,200,000

Procurement reference

BOLT001-DN672415-15121778

Published date

30 May 2023

Closing date

30 May 2023

Closing time

5:30pm

Contract start date

3 July 2023

Contract end date

2 July 2025

Contract type

Works

Procedure type

Open procedure

Any interested supplier may submit a tender in response to an opportunity notice.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Yes

Description

The contracting authority is not awarding a contract This is a 30 day VEAT Notice in respect of the proposed Farnworth Town Centre Development Scheme, due to commence on or around 3 July 2023

The scheme is publicly funded through an agreed funding strategy comprising a combination of grant and loan financing from Bolton Council Future High Street Funds, Brownfield funds, and lending from Greater Manchester Combined Authority GMCA
Bolton Council intends to enter into an Option Agreement, with an annexed Buy Back Option and a Price and Overage Deed with Capital and Centric Cocoon Ltd. C&C for the planned regeneration development at Farnworth Town Centre
The Option Agreement places an obligation on Bolton Council to sell the land at Farnworth Town Centre to Capital and Centric should Capital and Centric exercise the option.
Should Capital and Centric exercise the option to buy the land, it can as the developer, develop the land in accordance with planning permission (subject to permitted variations) if it chooses to, but is not required to do so
Bolton Council can exercise the Buy Back Option if
The funding agreement with GMCA is not entered into in line with the agreed funding strategy; and/or
A forward purchase agreement is not entered into in line with the agreed funding strategy; and/or
There is, broadly, an insolvency event in relation to CandC and or
Practical completion of the development is not reached within a certain timeframe
The Price and Overage Deed allows for deferred consideration payable for the property to Bolton Council shortly after practical completion which will be secured by way of a charge

More information

Links

Award information

Awarded date

30 May 2023

Contract start date

3 July 2023

Contract end date

2 July 2025

Total value of contract

£28,200,000

This contract was awarded to 1 supplier.

Capital & Centric

Address

M15 4PS

Reference

None

Supplier is SME?

Yes

Supplier is VCSE?

No

About the buyer

Contact name

Sarah Atherton

Address

3rd Floor Bolton Town Hall
Victoria Square
Bolton
BL1 1RU
United Kingdom

Telephone

+44 0

Email

sarah.atherton@bolton.gov.uk

Website

http://www.bolton.gov.uk/