TERMS OF BUSINESS
Milton Keynes Development Partnership (MKDP) owns a variety of sites within the Milton Keynes area suitable for employment, residential and commercial development. MKDP is owned by Milton Keynes Council (MKC).
- MKDP has no compulsion to sell sites and therefore the entirety of our land portfolio is not automatically for sale. MKDP’s or MKC’s business plan(s), strategy or requirements may preclude sites from market exposure or direct release.
- Sites may be sold directly to occupiers by private treaty and/or promoted for sale by tender in line with market trends, demand/interest, and in a manner which best suits the growth agenda and long term sustainable development of Milton Keynes. Sites currently being promoted for sale appear in the ‘Current Tenders’ section of the MKDP website
- Before sites are released either a ‘pre-app’ or ‘development brief’ will be prepared by MKC’s Urban Design team. The pre-app & development brief process provides MKC with an opportunity to influence the use, scale and form of development. Planning applications that accord with an approved pre-app or development brief are anticipated to receive a planning officer’s recommendation for approval.
- MKDP will negotiate directly, entertain periods of exclusivity or conduct direct private treaty land sales with occupiers or retained developers/agents of named occupiers. Private treaty sales are subject to the condition that a minimum of c.50% of the total site/scheme is occupied by a named occupier. Private treaty sales to developers with formal pre-let or pre-sale agreements with an occupier will be considered.
- If multiple expressions of interest in a site are received MKDP may elect not to proceed by private treaty in favour of a tender process. Tender processes may be closed (between occupiers expressing an interest) or open. In the event that expressions of interest are received when MKDP is subject to a period of exclusivity then MKDP reserves the right to proceed under exclusivity by private treaty.
- All private treaty sales are subject to an independent franking valuation to verify Best Consideration has been achieved.
- MKDP does not have well-being powers. As a wholly owned entity of Milton Keynes Council, MKDP has the legal responsibility to obtain Best Consideration for each of its assets. This does not mean that it is always obliged to get the highest possible value. It is obliged to exercise its judgement to determine what is Best Consideration by balancing the, sometimes conflicting, requirements of delivering key economic and social requirements as set out in the Council’s Core Strategy.
- All comprehensive offers for sites are reported to MKDP’s Board with a recommendation from MKDP officers. The board also ratifies the heads of terms agreed on a site sale.
- MKDP operates commercially effective procurement processes aligned with public sector procurement practices.
- MKDP does not typically provide a constraints plan or other such survey/assessment material and reports which could be relied upon when purchasing a site. Purchasers are expected to conduct their own due diligence when acquiring MKDP sites.