Stratford Waterfront and Bridgewater Modifications to Development Agreement

Concepts

• urban development
• stratford waterfront
• stratford east london partners llp
• bridgewater triangle infrastructure
• bridgewater triangle
• stratford
• bridgewater residential developments
• development agreement
• london legacy development corporation
• bridgewater modifications

Location

London

Description

Modifications to a Development Agreement for the development of the site known as Stratford Waterfront and Bridgewater residential developments.

Total Quantity or Scope

Description of the procurement: London Legacy Development Corporation (LLDC) entered into a Development Agreement (DA) with Stratford East London Partners LLP (as Developer) and Trapol Limited on 26 July 2022 for the development of the sites known as Stratford Waterfront and Bridgewater Triangle in the Queen Elizabeth Olympic Park, Stratford, London. The parties entered into a deed of variation of the DA on 30 October 2024 to amend the timing and payment mechanisms for infrastructure works being delivered by the Developer at Bridgewater Triangle, and have entered into a further deed of variation of the DA and ancillary documents to incorporate various modifications including: (i) fixed land values for each site, and increased profit share for LLDC as member of the Developer; (ii) variation of milestones for Bridgewater Triangle infrastructure works to reflect the updated programme; (iii) extension of the longstop date for satisfaction of conditions (including relating to planning and vacant possession) and inclusion of Gateway 2 approval for each site as a milestone event; and (iv) to reflect a variation to the affordable housing viability review trigger in LLDC's unilateral undertaking for the Stratford Waterfront site.

Award Detail

CPV Codes

• 45211360 - Urban development construction work

Indicators

• Award on a basis other than price and quality.

Legal Justification

LLDC considers the modifications to be justified on the basis that (i) they are required as the result of unforeseeable circumstances (in particular changes to Building Regulations, which have caused significant increases in costs, as well as the unfavourable economic conditions); (ii) they do not alter the overall nature of the contract; and (iii) they do not increase the value of the overall contract by more than 50%. As a result, the modifications are permitted under Regulation 72(1)(c) of the Public Contracts Regulations 2015 (noting that those regulations continue to apply to contracts entered into pursuant to them) and no new procurement process is required. See section II.2.4