Breckland Bridge LTD, Breckland District Council
Urban Delivery acted as commercial property adviser to Breckland Council on a new form of property joint venture, Breckland Bridge Limited with the Land Group London LLP.
Urban Delivery advised Breckland District Council at all stages during the procurement of the private sector investment partner, beginning with understanding the Council’s long‐term objectives and required outputs with regard to protecting revenues and enhancing returns from its property portfolio.
Initial discussions began in 2013 with an exercise to test market appetite among the leading real estate investors and developers to ensure that the package of development opportunities in Breckland would attract sufficient demand to achieve the Council’s objectives. An OJEU compliant procurement procedure followed with evaluation of bids from interested parties including detailed assessment on the proposed utilisation of the commercial property portfolio and development land ensuring that regeneration objectives would be met by the selected investment partner.
The appointment of Land Group as investment partner to the Council will lead the much‐needed revitalisation of Thetford town centre by developing a new cinema, hotel, restaurant and retail units and improved public realm on the Riverside site. The initial phase of the local authority asset backed vehicle's (LABV) development pipeline also includes the development of new residential sites in Attleborough and Mileham. Future phases have the potential to develop up to 142 other commercial and residential sites across Breckland. The partnership will assist the Council in meeting its future development, infrastructure and housing needs in the area.
With legal advice from Trowers & Hamlins the joint venture has been uniquely structured as an evolved and more sophisticated variant from the standard local authority asset backed vehicle to give the Council more flexibility, greater certainty of delivery and the ability to apply a funding model which provides better value for money than traditional LABVs.