1. Introduction and Background
The Universal College of Learning Limited (UCOL) wishes to receive Expressions of Interest (EOI) from suitably qualified commercial property developers with an interest in developing the property at 37-49 King Street, Palmerston North for Healthcare Education Centre use.

The aim of UCOL in this process is to seek and obtain EOI from organisations who are interested in making an offer to purchase the ‘as is’ property and complete the development project for long-term leaseback to UCOL.
TelferYoung Manawatu will be assisting with the administration of this REOI.

2. Scope
UCOL owns the land located at 37-49 King Street, Palmerston North. The site comprises five contiguous lots held in five fee simple titles. The land totals approximately 2,715 m2. It is zoned Inner Business under the Palmerston North District Plan.

The site is level and benefits from two road frontages. Main onsite development comprises a circa 1980’s style commercial building with floor area of some 2,200 m2 (more or less) divided evenly over two floors. The balance of the property is in carparking.

This vacant building is to be retained, strengthened, and extensively fitted out to house all UCOL healthcare and social assistance education functions.

Building Consent has been granted for Stage 1 building strengthening works. Detailed design for Stage 2 fitout has been completed, with Building Consent yet to be applied for.

3. Expressions of Interest
UCOL is now seeking suitably qualified property developers who are interested in making an offer to purchase and complete this project.

UCOL has several objectives for the development, namely:

• Deliver a quality, moderate scale learning facility
• Deliver well designed and well-built premises
• Achieve an optimal financial return from the sale of 37-49 King Street, based on UCOL's documented design plans.

Respondents to the REOI (Participants) will be shortlisted through an evaluation process and up to three Participants may be selected to proceed to the next stage of the property sale process which may include further discussions regarding the development process and commercial terms with a view to UCOL entering into a formal agreement sale of the property and lease of the completed Healthcare Education Centre.