Queen Alexandra Hospital, North Car Park, MSCP
A Contract Award Notice
by PORTSMOUTH HOSPITALS UNIVERSITY NHS TRUST
- Source
- Find a Tender
- Type
- Contract (Works)
- Duration
- 29.5 year
- Value
- £14M
- Sector
- CONSTRUCTION
- Published
- 28 Sep 2021
- Delivery
- To 24 Apr 2051 (est.)
- Deadline
- n/a
Concepts
Location
Queen Alexandra Hospital, Southwick Hill Road, Portsmouth PO6 3LY
1 buyer
- Portsmouth Hospitals University NHS Trust Portsmouth
1 supplier
- Noviniti Dev Co 6 Peterborough
Description
Portsmouth Hospitals University NHS Trust ("PHUT") has entered into a series of leasing arrangements with Noviniti Dev Co 6 Ltd ("Noviniti") and Engie Services Limited ("Engie") in respect of a new multi-storey car park development ("the Development") at Queen Alexandra Hospital, Portsmouth ("the Hospital") with Engie as Noviniti's initial tenant and the car park operator. The contractual arrangements are structured as a land transaction exempt from the Public Contracts Regulations 2015 (PCR) and the Concession Contracts Regulations 2016 (CCR). There is a Deed of Covenant ("the Deed") between the Trust and Engie requiring Engie to operate the car park. Noviniti has drawn down a 35-year ground lease of the site in exercise of an option agreement with the PHUT.
Total Quantity or Scope
PHUT has entered into a tripartite Agreement for Underlease with Noviniti and Engie. In this agreement Engie commits to accepting the grant of an 18-year underlease (with rent obligations to Noviniti) on practical completion of the car park. PHUT (as head landlord) will have insurance obligations owed to Engie and a repairing covenant for the car park. PHUT will be required to step-in to take the underlease if Engie fails to enter the underlease at practical completion. PHUT will also be required to enter an Overriding Lease (to become Engie's landlord) if Engie becomes insolvent or defaults on its Underlease in order to maintain the rental payments to Noviniti. PHUT will enter a 12-year Reversionary Lease (with rent obligations to Noviniti) to take effect from the expiry of Engie's underlease. Additional information: Please see Voluntary Transparency Notice of 23/03/2021 for details of option agreement and ground lease https://www.find-tender.service.gov.uk/Notice/003619-2021 "In relation to II.2.5. above, we have inserted "not applicable" as the requirement was not competitively tendered under the PCR/CCR"
Award Detail
1 | Noviniti Dev Co 6 (Peterborough)
|
Award Criteria
Not applicable | _ |
CPV Codes
- 45000000 - Construction work
- 45213312 - Car park building construction work
- 98351000 - Car park management services
Other Information
** PREVIEW NOTICE, please check Find a Tender for full details. ** The estimated value in II.1.7 and V.2.4 represents rental to Noviniti (with an estimated value of between £11.3m to £13.5m (subject to RPI under the terms of lease arrangements)) and operator revenue under the Deed of circa £394K (subject to RPI under the terms of the Deed and after deduction of between circa £7m to £8m rental obligations to Noviniti)). The operator revenue represents the cost to the operator of running (but not maintaining) the car park and of accounting to and paying across to the Trust all car parking revenue which exceeds the rental obligations to Noviniti and the operator revenue.
Reference
- ocds-h6vhtk-02e5ba
- FTS 024138-2021