UNIVERSITY COLLEGE LONDON ACQUIRES EASTMAN DENTAL HOSPITAL FROM UCLH
UCLH (University College London Hospitals NHS Foundation Trust) has successfully completed a deal to sell the Eastman Dental Hospital on Gray’s Inn Road, WC1 to University College London (UCL).
The Hospital site will be comprehensively refurbished and redeveloped by UCL to house the relocated Institute of Neurology and a new UK Dementia Research Institute, which is due to complete in 2023.
CBRE and DAC Beachroft advised UCLH on the transaction. UCL were advised by Deloitte Real Estate and Berwin Leighton Paisner.
According to Andrew Grainger, Director of Estates at UCL, the acquisition of the Eastman Dental Hospital is a “key enabler of UCL’s wider Estate’s Strategy and will further secure the University’s position in the world’s top flight”. Alan Thompson, Dean of UCL’s Faculty of Brain Sciences adds: “This will be a key development in driving forward UK neuroscience with the co-location of translation research across all areas within the Institute of Neurology, and the establishment of the hub of the UK Dementia Research Institute”
Jon Milward, partner in charge of the London Development team at Deloitte Real Estate said: “This is not the first time UCL and UCLH have collaborated to improve and develop their respective London estates. The EDH deal is all about creating positive health and education outcomes and exemplifies a partnership approach from two forward-thinking public sector bodies.”
The deal was significant for UCLH, as the proceeds from EDH will be re-invested into the development of their own world-leading ear, nose, throat and dental facility on Huntley Street, which is currently under construction. Huntley Street will be the new home for the Eastman Dental Hospital, as well as the Royal National Ear Nose and Throat Hospital when it completes in 2019.
Marcel Levi, CEO of UCLH said, “This is fantastic news. The proceeds from the sale will make a significant contribution to the costs of the new facility on Huntley Street, providing our world-leading dental and ear, nose and throat specialists with a world class building.
It is also great that the current EDH site will remain within the wider UCL/UCLH family and that the Queen Square House site remains available for future expansion of clinical neurology and research. I look forward to hearing about the fantastic research and collaboration that will take place in the future there.”
Alastair Perks, Senior Director, CBRE London Development said, “This is an example of an innovative, efficiently executed, and clever transaction for all involved. It unlocks the latent development potential and value of a major UCLH asset, delivers capital for other projects, and provides operational flexibility for both organisations. An excellent example of the Government’s strategy to ensure the most efficient use of NHS buildings and land.”