Issue details

OD/19/76 Appointment Of Second Agent

In 2018 Ipswich Borough Council successfully secured an outline planning consent for over 1m sq. ft of commercial development on the old sugar beet factory off Sproughton Road in accordance with the master plan for the site agreed by the Executive in 2016. The site is now known as the Eastern Gateway.

 

In order to select property and marketing agent for the site, a procurement exercise was undertaken through the Suffolk Portal. Parties were invited to bid for the role based upon a project brief entitled “Commercial Sales & Leasing Agency for the former Sugar Beet Factory, Sproughton, Ipswich”. This invited fees on a number of basis including: freehold land sales and lettings of completed developments.

 

Following interviews and assessment, Lambert Smith Hampton was selected based upon market knowledge and exposure, and fees. The fees are based on a commission basis (i.e. only payable when a lease or sale is contractually secured).

 

The fees payable will be dependent on the method of disposal:

- Land Sales – between 0.4 & 0.7% of price

- Design & Build Sales – 0.55% of price

- Lettings – 5.75% of rent

 

Having regard to current level of activity the maximum fee payable to Lambert Smith Hampton is likely to be less than £60,000.

 

The contract will be for a period of 12 months.

Decision type: Non-key

Decision status: Recommendations Approved

Notice of proposed decision first published: 17/12/2019

Decision due: 16 Dec 2019 by Officer Decision

Decisions

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