Queen Alexandra Hospital, ground leases of land at the Main Entrance and North Entrance

A Contract Addendum Notice
by PORTSMOUTH HOSPITALS UNIVERSITY NHS TRUST

Source: Find a Tender
Type: Contract (Works)
Duration: not specified
Value: ___

Sector: CONSTRUCTION
Published: 03 Jan 2023
Delivery: not specified
Deadline: n/a

Concepts

Location

Portsmouth

Geochart for 1 buyers and 0 suppliers

1 buyer

Portsmouth Hospitals University NHS Trust Portsmouth

Description

Portsmouth Hospitals University NHS Trust ("PHUT") intends to enter into a series of leasing agreements with Noviniti Dev Co 7 Limited ("Noviniti") in respect of a new retail use and lecture theatre and clinical space development ("the Development") at land at the Main Entrance and North Entrance at the Queen Alexandra Hospital, Portsmouth ("the Hospital") with Compass as Noviniti's initial tenant and retail 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"). Noviniti has drawn down two 46 -year ground leases ("GL") of the site in exercise of an option agreement with PHUT. The GLs have break clauses in favour of PHUT after 2 years (so PHUT can recover the site if the Development is not commenced); after 6 years (so PHUT can recover the site if only one of the two entrances is completed) and 40 years from practical completion of the Development.

Ammendments to Previous Notice

2. II.1.7 Total value of the procurement (excluding VAT)

Lowest offer: £13,200,000 / Highest offer: £46,500,000 taken into consideration