Addlestone Town Centre Development.

Descriptions

On the 25.2.2014, following a mini-competition run under an existing Framework Agreement, Runnymede Borough Council (RBC) and BY Development Limited (‘BYD’) and Bouygues (UK) Limited entered into a Development Agreement (‘the Development Agreement’) under which BYD agreed to provide a mixed-use development to revitalise Addlestone Town Centre. Under the terms of the Development Agreement, BYD must obtain planning permission and statutory consents, design and construct buildings, and undertake sales, marketing and lettings. Upon satisfaction of pre-conditions including planning, pre-lets and residential forward sales, RBC is required to transfer the development site to BYD (in return for consideration) for onward sale by BYD to a suitable buyer.BYD ran a competition to identify a suitable buyer for the development site which was concluded in November 2014. RBC (amongst other bidders) bid for that opportunity and won. It is therefore proposed that, by way of variation to the Development Agreement, the ownership of the development site will remain with RBC (as opposed to being transferred to BYD only to be transferred back to RBC at a later date). BYD's principal obligations to develop the site as set out above remain, in all material respects, unchanged.