NHS Portfolio Transfer – Landmark Brownfield Transaction
The predecessor organisations for Department of Communities & Local Government (DCLG) and Homes & Communities Agency (HCA) and the Department of Health wanted to enter into a transaction that would optimise the housing, regeneration and financial outcomes for a portfolio of 100 surplus hospitals across 1,600 hectares in England.
Cushman & Wakefield was strategic adviser to DCLG and the HCA on the landmark £320 million transaction.
Cushman & Wakefield pooled its expertise in strategic development, regeneration, planning, market and policy advice to provide innovative advice to both DCLG and HCA, contributing to the success of the project from concept through to delivery.
Cushman & Wakefield's role as strategic adviser involved:
- An assessment of the strategic rationale for the transfer including evaluation of "policy fit" and an initial estimate of the likely outputs and development programme
- Strategic advice throughout, including discussions between the Departments
- Advice on the structure of the transfer and the pricing arrangements
- Due diligence and franking advice ahead of the transfer
- Ongoing work post-transfer on behalf of HCA including estate management and disposal of several sites
The transfer of the NHS portfolio was a major boost to HCA’s national regeneration programme and provided a significant contribution to the affordable housing programme.
This transaction remains the largest transfer of brownfield land undertaken within the public sector.