PCT ACQUIRES NEW HQ BUILDING FROM ODIN JOINT VENTURE

The Northamptonshire Teaching Primary Care Trust recently announced that they have acquired a new Headquarters building which will provide the focal point for the PCT Corporate and Commissions Services across the County.

The PCT have acquired St James Pavilion which is a 40,000 sq ft office building located on Moulton Park with 171 car spaces. The building had previously been occupied by Norwich Union and will provide a high quality headquarters building for the PCT which will create an enhanced working environment for the staff and a platform for the teams to operate more effectively and deliver key services into the health sector.

As a result, St James Pavilion was acquired by joint venture partners, Odin and Jayell in a transaction in excess of £3 million, and as a result of their ownership of a site adjacent to St James Pavilion they were able to deliver additional car parking as part of the package, which was fundamental to the PCT securing this building.

In a simultaneous transaction the acquisition of the freehold interest of the building was tied up with the PCT acquiring a lease for a term of 15 years, subject to a tenant’s only break option at the 10th year at £481,000 per annum with some additional benefits to reflect the terms.

Lambert Smith Hampton represented the PCT through the acquisition, Jayell and Odin were advised by North Rae Sanders and Bidwells.