Tender

Commercial Office Investment Portfolio Joint Venture

TRANSPORT FOR LONDON

This public procurement record has 2 releases in its history.

Tender

20 May 2022 at 09:02

Tender Notice
Tender

20 May 2022 at 07:23

Tender Notice
Summary of the contracting process

Transport for London (TfL) is currently conducting a selective tender for the "Commercial Office Investment Portfolio Joint Venture" aimed at appointing a development and investment partner. This opportunity encompasses three significant development sites: the Bank Over Station Development, Paddington Triangle OSD, and Southwark OSD. TfL aims to establish a joint venture to create approximately 600,000 square feet of premium office space, with a total estimated contract value of £900 million. Interested parties must submit a Standard Selection Questionnaire by 12:00 GMT on 22nd June 2022, as planning permissions for the first two sites have been secured and the upcoming contractor's period starts on 9th March 2023 and lasts until 22nd June 2034.

This tender presents substantial opportunities for growth, particularly for businesses specialising in corporate finance, venture capital, and real estate development. Companies with experience in sustainable building practices and construction management will be well-positioned to compete for this joint venture, as the project not only seeks to develop high-quality office spaces but also aims to enhance long-term rental income strategies through the partnership. Engaging with TfL could lead to additional joint ventures or future development opportunities beyond the specified sites.

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Notice Information

Notice Title

Commercial Office Investment Portfolio Joint Venture

Notice Description

TfL is commencing a procurement process to appoint a joint venture development and investment partner for the Opportunity. The Opportunity comprises the Bank Over Station Development (OSD), Paddington Triangle OSD and Southwark OSD development sites. The selected partner will form a Joint Venture (JV) with TfL to develop the sites into best in class, sustainable office assets that will drive returns for both partners. It is anticipated that the partner and TfL will continue to hold the developed assets in joint venture post practical completion and leasing to benefit from the rental income. Additional office led development sites may be acquired by the JV at a later stage. The JV will develop the three sites with the delivery of c. 600,000 ft2 net internal area of office space and ancillary retail space. Planning permission has been received and implemented for Bank OSD and Paddington OSD. Southwark OSD has received resolution to grant planning permission. An overview summary of the Opportunity can be found within the Procurement Documents, which can be found here: https://procontract.due-north.com/Advert?advertId=9992728a-58d7-ec11-8114-005056b64545 This call for competition requires interested Applicants to register on the ProContract portal at the above mentioned link (or searching Procontract opportunities with 'TfL 95150 Commercial Office Investment Portfolio Joint Venture') and respond to the Standard Selection Questionnaire (SSQ) by 12:00 GMT on 22/06/2022. Updated Invitation to Submit Outline Solutions (ISOS) documents will be shared with all successful Applicants following the evaluation of the SSQ responses.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-59622c08-03ba-492e-970e-8db0f82f3b7e
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/62a08b8c-ff19-4dc2-b361-e760eade154f
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Competitive dialog
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

70 - Real estate services

71 - Architectural, construction, engineering and inspection services

CPV Codes

66122000 - Corporate finance and venture capital services

70112000 - Development of non-residential real estate

70120000 - Buying and selling of real estate

71540000 - Construction management services

Notice Value(s)

Tender Value
£900,000,000 £100M-£1B
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
20 May 20223 years ago
Submission Deadline
22 Jun 2022Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
9 Mar 2023 - 22 Jun 2034 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
TRANSPORT FOR LONDON
Contact Name
Paul O'Dowd
Contact Email
officeinvestmentportfolio@tfl.gov.uk
Contact Phone
Not specified

Buyer Location

Locality
LONDON
Postcode
E20 1JN
Post Town
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI41 Hackney and Newham
Delivery Location
TLC North East (England), TLD North West (England), TLF East Midlands (England), TLG West Midlands (England), TLH East (England), TLJ South East (England), TLK South West (England)
Local Authority
Newham
Electoral Ward
Stratford Olympic Park
Westminster Constituency
Stratford and Bow

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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