Vauxhall mixed use property development

The College intends to engage a private sector partner (PSP) to deliver a mixed use development in Vauxhall, South London. The proposal will create vocational training facilities for the College as end user enabled by the mixed use development.

For further information visit: www.vauxhallexchange.com

It is anticipated that this development will comprise a specialist Lambeth College Skills Centre for vocational learning, potentially including a training hotel, and restaurant and conferencing facilities. The residential element will comprise a mix of private and affordable residential units for rent and/or sale. It is anticipated that the PSP will deliver the Skills Centre together with capital receipts from the sale of the private apartments, affordable housing and hotel.

The site is located in an exceptional London location within the Nine Elms/New Covent Garden development area. The owner/operator of the hotel will be required to enter into a Training Agreement (as part of the Project Agreement or separately) for the provision of opportunities for students to gain experience and training through working in the hotel. The development of the Skills Centre is a highly enterprising initiative that will enable the College to become London’s leading dynamic further education provider. This project focuses on the huge industry skills shortage in the area (Nine Elms, Elephant and Castle, Battersea, Waterloo) responding directly to feedback from employers.

It is anticipated that the contract will start mid-December 2015 with a build period of 36 months. Procurement documentation can be obtained from www.vauxhallexchange.com, which will be updated as further procurement documents are finalised.

Additional information: The PSP will, following contract award, deliver the completion of the detailed design of the new facilities and demolition of the existing college campus buildings. The PSP will deliver the Skills Centre to the College in accordance with the College’s specifications as developed in dialogue and following award. The PSP will develop the private and residential units and manage the disposal of them, generating a capital receipt and/or revenue for the PSP and for the College. The PSP will develop the mixed use facilities (including any proposed training hotel) to an agreed specification for occupation by the College or an entity to be agreed by the College and PSP. The land allocated to residential and hotel uses will be transferred to the PSP on a freehold or long leasehold basis following practical completion of the Skills Centre.

It is envisaged that the Skills Centre will be funded through a combination of a capital grant from the London Enterprise Panel (‘LEP’) and a cross-subsidy raised by the delivery of a residential scheme.

The owner/operator of the hotel will be required to enter into a Training Agreement (as part of the Project Agreement or separately) for the provision of opportunities for students to gain experience and training through working in the hotel.

The total costs of the scheme will be determined by the scale and specification of the residential and hotel facilities, as evolved during dialogue and following contract award. These costs are currently estimated to be approximately 80 000 000-120 000 000 GBP, although the estimated construction costs of the Skills Centre are expected to be between 40 000 000-45 000 000 GBP.