Royal Mills Commercial Estate - Property Management, Lettings (Real Estate Agency Services) & Lease Consultancy Services

What the buyer says

Manchester City Council ('the Council') is looking to procure contracts for Royal Mills Commercial Estate. This requirement is split into 3no. Lots: (1) Property Management, (2) Lettings (Real Estate Agency Services) and (3) Lease Consultancy. Royal Mills Commercial Estate comprising of Royal Mill, Paragon Mill, Old & New Sedgwick Mills, Fairbairn Building, Nuovo A & Nuovo B was purchased by Manchester City Council in 2017 as part of the wider Ancoats Estate acquisition from Homes England. In 2019, a further acquisition was made by the Council of the remaining commercial long leasehold within Old & New Sedgwick, namely the Courtyard aka the Business Centre. Lease structure: - Freehold: MCC - Headlease (999 years): RM Developments Ltd - Commercial Lease (998 years): MCC - Royal Mill Business Centre Lease (150 years): MCC - Numerous commercial sub-leases from 2-25 years The Estate is a mixed-use development of both refurbished former mill buildings and new build properties. The Services to be provided are in respect of the Commercial elements of the Properties only. The maximum estimated value of the Contract over its maximum possible term is £420,000 (inclusive of VAT). The estimated split across the Lots are as follows: Lot 1 - Property Management - £300,000 (incl. VAT) Lot 2 - Lettings (Real Estate Agency Services) - £60,000 (incl. VAT) Lot 3 - Lease Consultancy (including Lease Renewals and Open Market Rent Reviews) - £60,000 (incl. VAT) Suppliers should note that this is only an estimate to give Suppliers an idea of the potential scale of the opportunity. No guarantee is given as to the actual value of the contract. Lot 1 - Property Management It is envisaged that the four (4) highest scoring Applicants for Lot 1 will be shortlisted to be taken through to the ITT Sta…