Last Friday, we gave you the heads up that a key decision was going to be made by the Isle of Wight Council about the future of the Pan Development, which has been dubbed Super Pan, including the selection of the developer.
We’ve just heard that the go-ahead has been given by the IWC and ‘bidder A’ has been selected to build 846 housing units including 254 affordable housing units.
Developer’s name soon Barratt Developments
The name of the ‘bidder A’ will remain under wraps for the next couple of week to comply with legally-prescribed ‘cooling off’ period.
Update 17:19: It appear that what we were told by IWC this morning was wrong about not being able to hear about the name for 14 days, as we’ve just been told that the winner of the bid is the Barratt Developments group.
The official statement says: “Following the recent Delegated Decision for the Pan Development, Councillors Cousins and Bingham today approved the recommendation of appointing Bidder A for the scheme.
“For information the appointed bidder is BDW Trading Ltd and Barratt Developments PLC (as their Guarantor), the contract dating is conditional upon the successful conclusion of the EU mandatory ten day alcatel stand still period and at the appropriate time a fuller press release will be made available.”
What we do know about ‘bidder A’ is that the scoring of their Best and Final Offer was an aggregate of 65.10 for their qualitative submission and 73.02 on their financial submission making an overall score of 69.06. Their score was higher than the other bidder.
Financials
Alongside a currently-undefined lump sum of money from the developer to IWC, an additional Section 106 agreement has secured £5.2m to be spent by the developer over the lifetime of the project including new Community Facilities and Highway Infrastructure.
£10m of financing from Spectrum Housing Group will also be flowing into the Island as a result of the decision.
Image: dominiccampbell under CC BY 2.0
