Multi Storey Car Park Development

Description

Wrightington Wigan & Leigh Teaching Hospitals NHS Foundation Trust (WWL) has contracted with Noviniti Dev Co 13 Ltd (Noviniti) and CP Plus Limited (t/a GroupNexus) (CPP) regarding a multi-storey car park development (the MSCPD) at Freckleton Street near Royal Albert Edward Infirmary (the Hospital). <br/>The documents comprise<br/>Licence for Alterations (LfA).<br/>Principal Agreement for Underlease (S2AFL).<br/>Deed of Covenant (DoC).<br/>Deed of Variation/surrender & re-grant of Noviniti's Ground Lease at the Hospital dated 17.12.2024 between WWL & Noviniti (GL) (the DOVSR). <br/><br/>The LfA grants consent under the GL to carry out the MSCPD. The S2AFL between WWL, Noviniti and CPP contains all relevant obligations relating to the MSCPD and provides for CPP to accept a 15 year lease of the completed MSCPD (Operator Lease). <br/><br/>The DoC is entered into by WWL and CPP and provides for payments to or from WWL in respect of surpluses or shortfalls in car parking revenue (liability will sit with WWL) and services standards. Lot 1: WWL has entered into - (i) the S2AFL in respect of the MSCPD at the Hospital, and (ii) the LfA under the GL, (iii) the DOVSR and the corresponding Deed of Surrender of the GL and a replacement GL for an extended term of 43 years (extended from a term of 40 years in the original GL). The extended term is required to accommodate a deferred longstop date for WWL to exercise the right to break the GL in the event that Noviniti does not complete the MSCPD by that deadline. <br/><br/>Following completion of the MSCPD Noviniti will grant the Operator Lease to CPP with associated DoC in respect of surplus sums or shortfalls in car park income. WWL will be obliged to accept a lease of the completed MSCPD directly from Noviniti if CPP defaults.