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Project Walnut - Subsidy Advice

Homes England (the name adopted by the Homes and Communities Agency)

This public procurement record has 2 releases in its history.

Award

28 Sep 2026 at 17:10

Award Notice
Award

01 Sep 2025 at 16:07

Award Notice
Summary of the contracting process

Homes England commissioned subsidy-control advice for Project Walnut, concerning the pricing and profit-sharing waterfall in a property investment. The work covers initial advice followed by a detailed report after approval. It includes benchmarking pricing across the capital structure against market comparables, reviewing draft heads of terms and supporting questions and answers with MGT. The adviser is also to identify subsidy-control risks and compliance issues and recommend mitigations. The requirement relates to Homes England’s investment return differing from its partner’s, rather than following the pari passu equity approach used in previous investments. This is consultancy combining property and financial-management expertise, delivered for Homes England’s work across England.

The procurement is complete and Avison Young was selected for the contract. The award was made on 1 September 2025, at a value of £40,000. The contract period ran from 7 September to 1 December 2025. The estimated procurement value was also £40,000. The tender deadline was 25 August 2025. The published data describes the procurement method as not applicable, and gives no evaluation criteria or lot breakdown. The contract was structured in two phases: initial advice, then a detailed report after approval. The data records the award as active and does not report a cancellation or termination.

This award demonstrates demand from Homes England for specialist advice at the intersection of subsidy control, property investment and financial modelling. A credible competitor for a similar requirement would need to benchmark pricing across a capital structure using relevant market comparables, assess proposed heads of terms, and provide practical support through client questions and answers. The work also calls for sound understanding of subsidy-control compliance and the ability to identify risks and recommend workable mitigations where public and private investment partners receive different returns. Suppliers with experience advising on investment structures beyond pari passu equity arrangements would be well placed to compete. The requirement involved a defined, phased advisory assignment, so delivery capability should include both early-stage advice and a detailed post-approval report.

How relevant is this notice?

Notice Information

Notice Title

Project Walnut - Subsidy Advice

Notice Description

AY to advise on subsidy control for pricing and the profit waterfall. Work will be split into Phase 1 (initial advice) and Phase 2 (detailed report post-approval).\r \r Benchmarking and review. AY will benchmark pricing across the capital stack using market comparables, review draft HOTs, and support the Q&A process with MGT.\r \r Risk and compliance. The aim is to flag potential issues and propose mitigations, recognising that unlike previous pari passu equity investments, Homes England will be taking a different return to its partner.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-fa3735df-a8b2-4121-a6a1-ba01537780b9
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/e6033cc7-dbad-421b-95e9-7c204951521f
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Not applicable
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

70 - Real estate services

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

70000000 - Real estate services

79412000 - Financial management consultancy services

Notice Value(s)

Tender Value
£40,000 Under £100K
Lots Value
Not specified
Awards Value
£40,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
28 Sep 20264 weeks ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
1 Sep 20251 years ago
Contract Period
7 Sep 2025 - 1 Dec 2025 1-6 months
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Homes England (the name adopted by the Homes and Communities Agency)
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
NEWCASTLE UPON TYNE
Postcode
NE4 5BZ
Postcode Area
Newcastle upon Tyne
Country
England
Major Region (ITL 1)
TLC North East (England)
Basic Region (ITL 2)
TLC4 Northumberland, Durham and Tyne & Wear
Small Region (ITL 3)
TLC43 Tyneside
Delivery Location
TLC North East (England), TLD North West (England), TLE Yorkshire and The Humber, TLF East Midlands (England), TLG West Midlands (England), TLH East (England), TLI London, TLJ South East (England), TLK South West (England)
Local Authority
Newcastle upon Tyne
Electoral Ward
Arthur's Hill
Westminster Constituency
Newcastle upon Tyne Central and West

Supplier Information

Number of Suppliers
1
Supplier Name

Avison Young (UK) Limited

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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