A new third party off campus development in Penryn.
Having concluded the accommodation review and accommodation development strategy for the Penryn Campus, Penryn on behalf of the University of Exeter and University College Falmouth (now Falmouth University), an initial two-pronged approach was adopted in 2010 to secure additional beds.
Simultaneously, the Universities committed to the development of Phase 2b on campus and securing an additional 240 beds by way of a new third party off campus development in Penryn. Campus provided development advice and negotiated the various agreements throughout the procurement of the additional off campus beds.
The negotiations and development took place during the depths of the banking crisis and involved detailed discussions with the developer’s funders to ensure the structure of the transaction was fundable.
In particular, Campus was involved in:
- Assessing various development structures and partnerships proposed by the owner and developer of the site.
- Liaising with the client’s lawyers over alternative procurement solutions
- Preparing the specification requirements for the scheme and negotiating and refining the developer’s Employer’s Requirements
- Reviewing the planning drawings and negotiating refinements to the scheme design
- Preparing the operational and service levels requirements and negotiating the legal documentation with the developer’s operational partner
- Negotiating the final form of the development structure including the detailed terms of the proposed nominations agreement
- Chairing all parties meetings to progress negotiations and documentation
Notwithstanding the challenging economic and funding climate, the transaction was concluded in 2011 and the development delivered for the Universities in September 2012.