The original entrance and retail concourse at UHS was built in the 1980s, when the hospital served a much smaller patient population. Now almost 10,000 patients, visitors and staff arrive at the hospital every weekday. Without capital available to finance the redevelopment plans, UHS needed to secure private investment, renegotiate existing tenancies, attract new retailers to improve quality and choice, and generate a financial return for both the Trust and investors who would finance the project.
By combining public and private sector expertise, the CEDP provided the investment, development and construction experience to realise the Trust’s ambitions for the main entrance and retail area.
Using its property and commercial know-how, Interserve Prime secured some of the biggest names in retail – including M&S Simply Food, M&S Café, Subway, Costa, WH Smith and The Stock Shop – on profitable terms for the Trust, while ensuring the project would be a sound and attractive prospect to investment funds.
- Private sector funding for the MERA frees up NHS investment for patient services - Not only is private sector investment being used to finance the MERA but the scheme will also generate additional revenue for the Trust, which can be ploughed back into improvements to frontline patient services.
- Innovative investment deal allows the Trust to retain its assets - The funding deal for the MERA is based on investors buying private sector rental income and not purchasing the freehold so the Trust retains its assets and control over which retailers are on the site.
- Redevelopment improves wayfinding to improve the patient experience - The new main entrance and reception zone provides welcoming and functional spaces that are intuitive to navigate and reduces stress for patients.
Ensuring a positive experience for our patients, visitors and staff is paramount. This is where our public-private partnership really pays dividends.
Nick Johnson Former Commercial Director, University Hospital Southampton NHS Foundation Trust