Conclusions
The two case studies illustrate what the private and public sectors can achieve by working together. A number of common themes have emerged, including
● The importance of early planning of procurement strategy, including considering the relevance of any state aid issues and availability of public funding;
● Early engagement of all interested parties including, where possible, key operators, occupiers and advisors and the need for clear communication and involvement at all stages;
● Identification and alignment of each party’s key aims and objectives from the outset to allow the project to be designed and developed with these clearly in mind. It is also important to ensure these objectives are realistic.
● Assessment of the risk profile for each party and how the risk is to be allocated;
● Developing protocols for partnership working alongside the preparation of detailed business plans which are continually refined, tested and challenged throughout;
● As always, clarity of Heads of Terms assists in identifying issues that need to be addressed.
● Above all, the parties need to be flexible, responsive and adaptable!
When it comes to acting on regeneration projects, we believe our experience in working for the public and private sector provides an invaluable insight into their requirements. It also helps us to guide both parties in understanding what needs to be done to ensure that the parties’ objectives are met. Without that understanding from both sides, it is going to be difficult for any regeneration project to be successfully delivered in this market.
Tiffany Cloynes LLB, Partner and Head of Public Sector; Stephen
Kinsey, Real Estate, Partner; and Andrew Flounders, Partner and Head of Real Estate; Cobbetts Solicitors
38
Tiffany Cloynes
ASSET - Liverpool-10
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