Ground Lease for Royal Bolton Hospital Extension Project

Bolton NHS Foundation Trust (BFT) is offering a ground lease opportunity at Royal Bolton Hospital to Noviniti Dev Co 14 Ltd for a proposed extension project. The 40-year ground lease (with break options) will be granted at market value following independent valuation. The lease itself does not authorize development; any development would require a separate Licence for Alterations. An initial Option Agreement will run for 39 weeks (extendable) during which Noviniti can pursue design and planning consents. BFT will underwrite Noviniti's reasonable costs for consents and design development (capped per agreed schedule). If Noviniti proceeds with development, BFT will enter into further agreements including an Agreement for Underleases. If development does not proceed, BFT has the right to terminate the lease after two years and will reimburse Noviniti's costs in exchange for assignment of all reports, surveys, and professional reliance rights. This is classified as an exempted land contract under the Procurement Act 2023. The proposed development includes three retail units, extended circulation space, additional retail space, and internal refurbishment within the existing hospital building.