Meridian Water. Memorandum Of Information.

Meridian Water Memorandum Of Information

1.0 Contents 1.0 Introduction from the Leader of the Council 2.0 The Sites and Surroundings The Opportunity Overview 4.0 The Council s Objectives and Requirements 5.0 Summary of the Procurement Process 6.0 The Council s Delivery Team 7.0 Contacts and Further Information Introduction from the Leader of the Council Councillor Doug Taylor Leader of Enfield Council The development opportunity at Meridian Water will be both transformational and inspirational. It celebrates the Lee Valley s waterways, creating healthy living corridors and provides a framework for modern, low carbon lifestyles. Meridian Water will form a new London destination that will help to create a community where people can set down roots and take pride in where they live, providing a step change in the quality of the area and much needed high standard homes spanning all tenures as well as new commercial facilities, enabling business to thrive and grow and to reshape and transform this area of North London. Meridian Water benefits from a unique location, close to the busy town centre of Edmonton Green and the peaceful waterways and parklands of the Lee Valley. Its waterside location, superb public transport accessibility and the Lee Valley Regional Park setting gives Meridian Water the distinctiveness to become a new waterfront eco-quarter and the location of choice in North London. Water and the adjacent hinterland. The regeneration of these sites is therefore the major priority for Enfield Council. The Council is keen to make the best use of its assets as a landowner, its powers as a Local Authority and its role as a delivery partner. The Meridian Water development opportunity therefore has the Council s full support, both financially and politically but successful delivery is reliant on the Council now securing a Master Developer / Consortium with vision, commitment to quality of design, expertise, financial capacity and place making credentials. Meridian Water s Housing Zone status is important in terms of GLA support as the funding will help to unlock and catalyse the regeneration opportunity. The Council is fully committed to delivering the Meridian Water vision and I personally support the project, which is evidenced in the Council s recent and ongoing acquisition of sites within Meridian Water that has positioned this opportunity for marketing. This pivotal regeneration scheme has the potential to deliver a significant number of new homes and jobs within Meridian 2 3

Its waterside location, superb public transport accessibility and Lee Valley Regional Park setting gives Meridian Water the distinctiveness to become a new waterfront eco-quarter and the location of choice in North London 4 5

2.0 Meridian Water Masterplan The Sites and their Surroundings Meridian Water is only five miles from Junction 25 of the M25. Central London, City Airport, and Stratford are all accessible within 20 minutes, and access to Stansted Airport is within 30 minutes. It is conveniently located immediately to the south of the North Circular Road (A406). Meridian Water Location Plan Included within an area of approximately 210 acres in a prime location adjacent to the waterside environment of the Lee Valley Regional Park The Meridian Water development opportunity is included within an area of approximately 210 acres in a prime location adjacent to the waterside environment of the Lee Valley Regional Park, within the London-Stansted- Cambridge Corridor - one of the major growth corridors in the most vibrant part of the UK economy. 6 7

2.0 Existing Site Plan & Land Parcels No. Site Name Hectares Acres 1 Kenninghall Road Open Land 1.79 4.4 2 Kenninghall Road 5 7.5 1 2 3 Meridian Angel Primary School 1.06 2.6 4 Meridian Angel (also known as Willoughby Lane site) 7.00 17.3 3 5 The Gateway (also known as Teardrop site) 1.08 2.7 6 Tesco 4.26 10.5 4 6 10 11 7 IKEA 8.73 21.6 8 Gas Holder Site 0.68 1.7 9 IKEA Owned Land 4.58 11.3 5 7 10 Argon Road Industrial Estate 6.21 15.4 11 Harbet Road Industrial Estate 20.37 50.3 8 9 The plan below highlights the Meridian Water land parcels that are currently under Council ownership. Plan Key: Red highlighted land identifies sites within the Council s ownership Blue highlighted land identifies sites which the Council are in discussions to acquire 8 1) Kenninghall Road Open Land Enfield Council own this 4.4 acre site, currently used as open land. 2) Kenninghall Road Land comprising 7.5 acres under a number of different ownerships. Currently used for recycling scrap metals and other uses such as auto mechanical centre. 3) Meridian Angel Primary School Site The Education Funding Authority (EFA) have acquired this site from the Council and have had a planning application approved for a new Meridian Angel Primary School, which is due to open in 2016. 4) Meridian Angel (also known as Willoughby Lane Site) This land parcel comprises of approximately 17.3 acres of cleared and vacant land and is owned by Enfield Council, having been purchased from National Grid. 5) The Gateway (also known as Teardrop site) The Gateway site comprises of approximately 2.7 acres of vacant open scrubland and is owned by Enfield Council. 6) Tesco This parcel comprises of a 73,000 sq ft foodstore, a petrol station and substantial adjoining surface car parking, totalling approximately 10.5 acres. A proportion of the surplus land is considered to have development potential and the Council is in discussions with the landowner about this opportunity. 7) IKEA The 305,000 sq ft store is fully operational and owned outright by IKEA. In addition, the parcel includes a substantial quantum of surface car parking and overflow parking land. The parcel totals 21.6 acres. 8) Gas Holder Site This 1.7 acre plot comprises a cleared and vacant brownfield site, formally an operational gas holder. The site is owned by Enfield Council, having been purchased from National Grid. 9) IKEA Owned Land This 11.3 acre site is currently cleared vacant brownfield land. Enfield Council is in discussions with the landowner to acquire their freehold interest. 10) Argon Road Industrial Estate Enfield Council is in negotiations with the landowner to purchase this 15.4 acre site comprising c.180,000 sq ft of industrial warehousing and open yard space. 11) Harbet Road Industrial Estate This is a multi-let industrial estate with various ownerships. The largest land holding, the Stonehill & Hastingwood estate, comprises circa 60% of the site (approximately 30 acres) and is owned by HSBC (managed by LaSalle Investment Management). Enfield Council Ownership 9

The Opportunity Overview Meridian Water occupies a strategic location within the London Stansted Cambridge growth Corridor, which has a population of 2 million, and a 161 billion economy. The Corridor is a clear economic area with strong interconnections, clusters of industries and supply chains. The Council has assembled a number of sites with a view to promoting a comprehensive redevelopment. Whilst some of the Meridian Water area sites London Stansted Cambridge Corridor remain outside the Council s control, the Council will continue to pursue the acquisition of additional key interests during the procurement process and post award will work with the Master Developer / Consortium to secure any outstanding, necessary land interests. The Council is therefore seeking to appoint a Master Developer / Consortium to help realise the potential of the sites and to deliver a coherent and high quality mixed use scheme. This section sets out an overview of the opportunity, as follows: Delivery Overview Planning Overview Transport & Infrastructure - Trains - Accessibility - Sustainability Utilities Education Delivery Overview Meridian Water has recently been confirmed as a new Housing Zone by the GLA which is an important development in the delivery of Meridian Water. The Housing Zone status provides the opportunity for approximately 25m of grant and loans from the GLA which will help fund key strategic delivery criteria including: accelerated housing delivery; increased affordable housing provision; mediate abnormal development costs such as remediation; deliver new infrastructure; affordable energy for new homes; and potential to increase speed in the planning process. In preparation for securing a Master Developer / Consortium, the Council is actively and professionally leading the Meridian Water regeneration. As parcels of land are assembled the Council is completing thorough due diligence in regards to proposed remediation, environmental and physical constraints, to develop a robust phasing plan that can be finalised with the appointed Master Developer / Consortium. This enables a planned and disciplined approach to infrastructure to put in place a procurement and delivery approach that will support and not hamper development. The Council s overall approach to delivery is aimed at de-risking the Meridian Water opportunity by consolidating land ownerships under the Council s control, bringing forward essential infrastructure and undertaking remediation works. The Council envisages being a fully active partner and anticipates playing a significant role in place making, estate management, financing, determining the house mix and bringing forward infrastructure. The Council would like to work with the appointed Master Developer / Consortium to expedite the delivery of new homes and anticipates that the inclusion of private rented sector homes can support this objective. The Council is keen to increase employment at Meridian Water and has an ambition for 3,000 new jobs. The Council is prepared to take the lead on assembling the necessary land to provide the new employment uses but will need a Master Developer / Consortium who can attract the jobs and build out employment uses that provide a step change in the area. The new Meridian Water neighbourhood will require new shops, bars, restaurants, community facilities, a new school and health centre. The Master Developer / Consortium, the Council and key stakeholders will need to work in partnership to deliver all of these essential infrastructure requirements. The Council s ambition is to drive this development so that Meridian Water becomes a new destination for London, delivering large scale regeneration alongside major infrastructure investment. The Council aspire for this new neighbourhood to knit into the highly successful surrounding environs of the Olympic Park and Hackney Wick, making Meridian Water the gateway to Lee Valley Park and the arc of opportunity creating new homes and new jobs from 2018. Phase 1 The Council has decided that Phase 1 will comprise delivery of a mixed use, residential led scheme on the site known as Meridian Angel (also known as Willoughby Lane and identified as Site 4 on the map shown on page 8) which is owned by the Council. Feasibility work indicates that this site can accommodate approximately 1,000 new homes and the Council is intending to submit a hybrid planning application for Phase 1 which will comprise approximately 300 homes (as part of a detailed planning application for a portion of the Willoughby Lane site) and commercial space and altogether approximately 1,000 homes (as part of an outline planning consent for the whole Willoughby Lane site). The proposed Phase 1 site lies adjacent to the proposed location of the new Meridian Water station and provides the quantum of homes required by the first phase of the Lee Valley Heat Network. The Council is aiming to appoint a remediation contractor by the end of 2015 and has engaged with the Environment Agency to monitor ground conditions and will procure the necessary works to deliver a clean, vacant site ready for development (subject to securing the necessary planning consent). It is envisaged that the remediation works will commence in 2016 to facilitate construction commencement later that year. Early delivery of housing on this proposed Phase 1 site is essential for the Council as its Housing Zone funding is inextricably linked to housing numbers. In order to expedite delivery of this key site (Meridian Angel) and to integrate the best quality of design with a realistic and economic development strategy, the Council has already engaged a team of leading architects, urban designers, planners, engineers and landscape architects. The Council expects the Master Developer / Consortium to take forward this proposed Phase 1 post remediation, utilising the Council s design team and bringing forward the requisite management services for both private rented accommodation and affordable housing. Future Phases A programme for the later phases of development are to be determined through discussion with the Master Developer / Consortium, mindful of the Council s requirement for clear milestones and speed of delivery throughout. The Council would encourage the appointed Master Developer / Consortium to utilise the Council s architects as overall masterplanners or alternatively to prepare applications for future phases. The Council and the selected Master Developer /Consortium will be jointly responsible for acquiring any significant remaining interests within the Meridian Water area boundary, such as the Harbet Road Industrial Estate. The Council does have Compulsory Purchase powers which could be used where absolutely required. 10 11

Planning Overview Transport & Infrastructure The planning policy environment relating to Meridian Water is supportive of comprehensive redevelopment. At a macro level, the scale of the opportunity at Meridian Water will truly reshape North London. In 2013 the Council supported the Mayor in the launch of the Opportunity Area Planning Framework for the Upper Lee Valley which sets out a range of development opportunities stretching from Tottenham Hale and Blackhorse Lane in the south, northwards to Meridian Water, Central Leeside and Ponders End. This string of complementary and interdependent development opportunities, which nestle alongside the West Anglia Mainline, represent a series of beads on a chain for investment and growth. Meridian Water is regarded as the one of most significant opportunities within the Opportunity Area. At a local level, Meridian Water has been included within the Council s Local Plan as the borough s largest new residential led mixeduse development, situated within the Central Leeside Strategic Growth Area. The Council s Core Strategy (2010) recognises the significant potential of the area and sets out the strategic framework for growth. This has subsequently been strengthened by further detail in the Meridian Water Masterplan which was adopted as Planning and Urban Design Guidance in 2013. The Masterplan provides an exciting framework for the delivery of over 5,000 new homes and 3,000 new jobs as a 1.5bn redevelopment in a vast area of underutilised land in the south east of the borough. The Council has reached an advanced stage in the preparation of the Central Leeside Area Action Plan to provide a planning framework for development in the area. The pre Submission version of the AAP was approved by the Council in November 2014. The Council has also commenced work on a review of its Local Plan (Core Strategy) in response to the recently published London Plan with a view to increasing the rate and supply of new homes in the borough. A key priority will be to maximise housing opportunities in areas with improved public transport, including the delivery of Cross Rail 2. Meridian Water is ideally placed to benefit from the opportunities this will bring, delivering the Council s emerging vision for 8,000 new homes in the area. The Council s Development Management Document (2014) includes policies which support and facilitate the delivery of decentralised energy networks, including the Lea Valley Heat Network. A Draft Technical Specification which provides further guidance on the implementation of these adopted policies has recently been published for consultation and is scheduled to be adopted as a supplementary planning document later in the year. The Council has also instructed its design team to prepare and implement, in discussion with the Master Developer / Consortium, a design code for the Meridian Water area. The Council has also instructed its landscape architects to prepare a landscape study of the hinterland area which it expects the appointed Master Developer / Consortium to finance and implement. The Council expects to bring its Community Infrastructure Levy into effect later this year, following a public examination scheduled for the autumn. The initial Draft Charging Schedule indicates a zero rate for new residential development within the Meridian Water masterplan area for the initial years of the Levy. The opportunity lies at the heart of the Mayor of London s Upper Lee Valley Opportunity Area the largest designated in the London Plan recognising its significant capacity to accommodate new housing, commercial and other development linked to existing and proposed improvements to infrastructure. Trains A new train station is being developed with its entrance at the gateway to the Causeway providing an attractive public transport interchange in the heart of Meridian Water. When opened in 2018, the new station will be named Meridian Water station to firmly identify the location, provide destination and support the regeneration strategy. The Council will soon be entering into contract with Network Rail to design and implement the new station, which forms part of a wider infrastructure upgrade to improve service frequency at Meridian Water into Tottenham Hale and Stratford. Funding is also in place to increase the rail service to 4 trains per hour on the West Anglia Main Line from 2018. UK in the next twenty years. It will add capacity to the rail network in London and the south east, supporting economic regeneration by providing the infrastructure needed to build new homes and create more jobs. When Crossrail 2 is delivered by 2030 it will provide up to 14 trains per hour and bring Meridian Water within 20 minutes from Tottenham Court Road, but also provide access to major transportation hubs at Kings Cross and Victoria. There are already plans progressing for further improving the rail network with the creation of a more reliable, resilient and flexible rail service that will form the backbone of development and regeneration within the entire Lee Valley. Future plans include running up to eight trains per hour by 2025 and beyond that, the Crossrail 2 business case is in development and will significantly transform rail services providing an opportunity for further improvements to train frequency and direct services into the heart of London. Crossrail 2 is the proposed new high-frequency, highcapacity rail line running through London and into Surrey and Hertfordshire and is one of the most significant new infrastructure opportunities for the Regional Option, Proposed Crossrail2 Route 12 13

Accessibility Sustainability Meridian Water is a new urban environment that will have a transport strategy from now and into the future. The Council is approaching transportation in a holistic manner and has assembled a first class consulting team to support reviewing the existing network and shape a sustainable and comfortable transport system for the future. Background transport assessments have been completed along with consultation with the existing stakeholders to ensure that there is an accurate picture of the existing and future demands on the road network. Meridian Water is ideally located with access to key trunk routes and the Council is working with its consulting teams to ensure the right infrastructure is proposed to improve linkages for all modes of transport. Within Meridian Water the vision is to create a safe, comfortable and sustainable environment and as such priority is given to pedestrian, cycling and public transportation. The proposed boulevard will provide a strong, attractive and welcoming spine running east west through the entire site connecting the currently fractured sites, opening up new access. Above the boulevard concept, new bridges will overcome the barriers of the rail line, road, and waterways. 1) Station Square Station Square supports activity around the transport hub and hotel/ employment/social uses at the edge of a neighbourhood park. It is a space for meeting and passing through, creating a connection with the green link up to Edmonton Green. A clear and inviting route for pedestrians and cyclists runs from this square to the remodelled underpass. 2) Western Square Encased within Meridian West, the Western Square is a community hub supporting small events, market stalls, and activity. It is a busy, interactive, dynamic space enclosed by active frontages. 3) Underpass The underpass is retained and significantly improved to continue the east-west connection. It is re-imagined as a welcoming threshold, where the steps will be replaced by a gently sloping gradient, increasing accessibility, and allowing the underpass ceiling to float above pedestrians. This sense of space and security should be reinforced by a creative public art commission and creative lighting strategy. 4) Gateway Square As a key point of arrival into the scheme, Gateway Square welcomes people from the transport hub. Dynamic spaces around the Meridian Underpass support flexible, temporary and changing uses. Activated by the shared surface of Meridian Way and the range of users The station is the focal point and destination for the boulevard creating an east-west link through Meridian Water that will be protected from heavy vehicle use. This attractive route will lead people from dwellings over new bridges through interesting spaces on a journey to the station or connecting into other modes of transport including bus, cycling and the waterways. throughout the day and night both residents, visitors, shoppers and workers the square is constantly animated. 5) Central Square At the core of Meridian Water, Central Square celebrates the focus of the new community hub. Markets, concerts, events, and temporary events animate the space throughout the day and night. A vibrant working, meeting, sitting and gathering destination for both the locality and visitors to the retail destination. 6) Landmark Bridge The landmark Angel Bridge celebrates the meeting point of the Causeway with the waterway. As the Causeway crosses the Lee Valley Navigation there is an intensity of activity and the waterside is animated by restaurants, bars and cafés that maximise the potential of their location. 7) Angel Square Supporting Meridian East, the Causeway flows into Angel Works Square. With strong connections and views to green and blue and encased within the tight urban grain, its character is informed by its context. Local markets and small events animate the space and activity supports a strong community life between the buildings to have concluded the acquisition by the time the successful Master Developer / Consortium is selected. The Cycle Enfield programme has secured 30m of Mayoral funding which will transform cycling through a vast network of segregated cycle lanes, quietways and green ways radiating out from town centres to all parts of the borough, running in parallel with all the main travel routes. A traffic-free quietway is planned as part of the programme providing a direct route to Meridian Water which will connect the area with Enfield Town, Edmonton Green and onwards to provide a safe and attractive commuter route to central London. Meridian Water provides an opportunity to develop this concept with fast cycle routes along the Lee Valley into London away from busy roads via the Lee Valley. This will be an attractive feature for London and support London s fast growing cycling population. Meridian Water is an opportunity to create a safe cycling network that would be envied across the world. Utilities In assembling disparate sites the Council is evaluating the existing services and then developing a picture of the servicing demands for the future. As would be expected with this historic landscape the sites are well serviced, but with an outdated and inefficient network of utilities that must be replaced to meet the demands of a new development. The Council is speaking with each of the statutory utility providers to develop options and plans to service the new Meridian Water project and recognising the phased delivery programme. The Council and its advisers are combining its future servicing strategy with smart city concepts with the aim that communication and intelligent use of energy stays central to the sustainability regeneration aims. An example of this is the Council s commitment to the district heating scheme that is being delivered by the Lee Valley Heat Network company, which has now been established to provide green and affordable energy to the regeneration area from 2018. This is a key differentiator for Meridian Water in that it will be a national exemplar econeighbourhood where new homes will be provided with competitively priced, reliable and sustainably produced energy for heating. It is envisaged that Housing Zone funding will assist in the early delivery phases of the Lee Valley Heat Network, which in turn will accelerate early housing delivery at Meridian Water. This provides potential Master Developer / Consortium with the confidence to embrace an early supply, and creates a unique selling point for prospective purchasers, and tenants. The building blocks for holistic regeneration have therefore been laid down at an early stage to help the Council and its Master Developer / Consortium deliver the wider vision. Education 9.0 million has been committed by the Education Funding Agency to provide a new two-form entry primary school on the former Ladysmith Road site (identified as Site 3 on the Existing Site Plan and Land Parcels map) ), and the Council has agreed terms to lease this to the new school which will be built and operational by September 2016. Delivery of this education facility is not tied to the Meridian Water opportunity to which this procurement relates. This new education facility will provide a further catalyst for successful regeneration and place making early in the development programme. Replacement open space is already being constructed in a 3.5 million scheme at nearby Angel Gardens, where a play area and free running trail has been completed. The Meridian Water masterplan identifies the need for a second new education facility, which the Council expects to be wholly funded, procured and delivered by the Education Funding Authority. 14 15

4.0 The Council s Objectives and Requirements 5.0 Summary of the Procurement Process Meridian Water is an opportunity to further enhance Enfield s success as a highly desirable and attractive residential and business area. The Council aims to ensure that the wider community will share in the new resources and facilities. This will include improved access to the waterways and parklands of the Lee Valley as well as new employment opportunities, so that the positive benefits of the regeneration and investment reach beyond Meridian Water s boundaries. Whilst the Masterplan sets out key principles of regeneration, the Council is willing to explore variations on the proposals with bidders through the procurement stages and beyond. Central Square Computer Generated Image Meridian Water provides a secure platform for delivery of these macro objectives. The Council is now seeking a Master Developer / Consortium with the requisite track record to ensure that the following requirements are adhered to in the development programme: Highest quality of design and place making throughout; Approximately 8,000 new mixed tenure homes; Approximately 3,000 new jobs in higher paid sectors; Speed of delivery; Return on the Council s financial investment; A legacy to be proud of in 50 years; and Environmentally sustainable development The successful Master Developer / Consortium will therefore have: 1) A track record of turning a vision into successful place making through high quality urban design and architecture, planning, development management, securing finance and maximising plot sales and viability; 2) A successful team with the resources to be the Council s long term partner; 3) Experience in securing funding and detailed planning consents; constructing, selling and post-sale management of large scale phased developments; and 4) Experience of working flexibly in partnership with multiple stakeholders including public sector organisations; The appointed Master Developer / Consortium will need to bring a proven track record in large scale and transformative urban regeneration, in particular turning a vision into successful place making with high quality urban design; a successful team; experience in securing funding and managing large scale development processes and experience of working in partnership with multiple stakeholders including public sector organisations. The procurement of the Master Developer /Consortium is being conducted via a competitive dialogue process in accordance with the Public Contracts Regulations 2015 for a public works contracts. This Memorandum of Information must therefore be read in conjunction with the Pre-Qualification Questionnaire which can be downloaded from the procurement portal (see end of this Section for further instructions). The procurement will comprise the following stages: 1. The Pre-Qualification Questionnaire (PQQ) (selection stage) The PQQ Stage will be open to anyone to submit a response. Following the PQQ evaluation the Council intends to issue an ISOS to a shortlist of up to 5 bidders. Following evaluation of the outline solutions the Council intends to invite up to 3 bidders to participate in the ISFT stage which will include further dialogue. The PQQ contains more details of this process. The Pre-Qualification Questionnaire (PQQ) is available on request from the procurement tender portal (www.londontenders.org) and must be returned via the portal no later than 29th June 2015. Following the PQQ stage, further technical information will also be made available to those shortlisted bidders via the procurement portal. The current indicative procurement programme (set out in the PQQ in more detail) envisages a scenario of 5 parties being taken through to ISOS stage. The evaluation methodology and scoring mechanism for these successive stages will be published on the procurement portal prior to the deadline for submission of PQQ responses. 2. Invitation to Submit Outline Solutions (ISOS) (followed by preliminary discussions) 3. Invitation to Submit Final Tender Solutions (ISFT) (followed by dialogue) 4. Submission of Final Tender Solutions 5. Evaluation and award 16 17

6.0 The Council s Consultant Team 7.0 Contacts & Further Information The Council is committed to successful delivery of a vision and legacy in years to come so it has assembled a strong consultant team of leading consultants to advise across a broad spectrum of disciplines. The organogram below identifies the core and wider delivery team who are responsible for advising the Council: Meridian Water Member Oversight Advisory Group Chair The Leader Cll Doug Taylor Meridian Water Strategic Group Chair Chief Executive Rob Leak Further information on the Meridian Water opportunity can be found by registering your interest on the procurement website www.londontenders.org where the following documentation is available to interested parties: Prior Information Notice OJEU Notice Pre-Qualification Questionnaire Memorandum of Information Meridian Water Masterplan Programme Board Chair Programme Director Peter George Meridian water Stakeholder Advisory Group Chair Programme Director Peter George All correspondence and requests for further information in relation to this procurement must be channelled directly through the London Tenders Portal (www.londontenders.org). Core Consultant Delivery Team JLL Property Advisors PWC Tax & Finance Advisors Trowers & Hamlins Legal Advisors ARUP Planning Consultants Karakusevic Carson Architects OKRA Landscape Architects Disclaimer: The information contained in this Memorandum of Information has been prepared by the Council in good faith but the Council does not make any representation or warranty (express or implied) as to, or accept any liability or responsibility in relation to, the adequacy, accuracy, reasonableness or completeness of the information provided or any part of it (including but not limited to loss or damage arising as a result of reliance by the Bidder on the information). Information about values and volumes related to the Project are approximate and for information purposes only. Bidders should make their own investigations and their own independent assessment of the resources required for and commercial risk associated with the Project and should seek their own professional technical, financial and legal advice. This Memorandum of Information should be read in conjunction with the accompanying pre-qualification questionnaire (PQQ) document the terms of which apply to this Memorandum of Information. 18 19