Development advice and development management services
BBP Regeneration provided recommendations for the establishment of a Long-term Management Company (LTMCo) for this major regeneration scheme, which sought to deliver a new high quality mixed use town centre and residential neighbourhood on a former council estate with notorious long-term social problems.
The overriding objective was to set up an LTMCo that would ensure the development’s long-term success and sustainability following disposal by the developer. Our work identified opportunities for revenue generation to allow the Company to be self-financing – including in earlier years when a small proportion of total occupiers would be present.
A key challenge was devising a structure that balanced the involvement and relative levels of control between a diverse range of stakeholders, including Buoygues, LB Newham, One Housing Group, potential investors, existing residents, new residents and commercial occupiers. Identifying opportunities for revenue generation was also critical, as both Buoygues and LB Newham were clear that the Company had to be self-financing; a particular challenge was achieving this in earlier years, when a small proportion of total occupiers would be present.
St James’s, Dover
The St James’s area of Dover has been promoted as an extension to Dover’s town centre with opportunities for substantial retail, leisure and housing uses. It is a high profile site with an area of 4 ha fronting the A20 Dover port access road, which has been in a run down state for many years. BBP provided development consultancy advice to Dover District Council. Initially, we were engaged to assess viability, subsequently resulting in an ongoing appointment to advise on planning briefs, preparation of a prospectus and marketing of the opportunity, selecting a development partner, negotiating terms and providing continued support through planning, land assembly and legal processes.
BBP worked closely alongside the Officer team, providing development advice, undertaking financial appraisals, helping to secure additional funding (through the South East England Development Agency and the Homes and Communities Agency) and leading the negotiation with the Council’s development partners. We have provided Members’ briefings and reports to the Cabinet and the full Council. Our experience in delivering complex development schemes in areas where viability is marginal has enabled us to provide a seamless service and expert advice, from initial feasibility to the signing of development agreements, acquisition of key sites, securing planning permissions and compulsory purchase procedures to complete land assembly.
This proved a challenging assignment: demand from end users and developers was weak, a number of third party property interests had to be acquired to enable comprehensive development to take place and there was a funding gap that need to be bridged to achieve viability. BBP helped the Council overcome a series of hurdles. We led the drafting of planning policies; helped secure over £7 million of funding support to acquire third party property interests; helped the Council secure a development partner and restructured arrangements following the withdrawal of an anchor supermarket. A revised retail-led scheme has been consented and a number of leading UK retailers and leisure operators identified as pre-lets. There is a real belief locally that this important building block can help Dover’s town centre recover and stimulate further investment in a town with an ambitious growth agenda.