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09 November 2007

An agreement has been reached between Tameside and Glossop NHS Trust and Morgoed Estates that will allow the Trust and its partners, Consort Healthcare and HSBC Infrastructure Management Limited, to commence development under a £68 million PFI contract at Ashton under Lyne Hospital.

Morgoed has been pleased to work with the Trust to solve title issues raised by the redevelopment of the hospital site which threatened to delay the project. The Hospital forms part of Morgoed's extensive Ashton rentcharge estate, originally owned and created by the Earls of Stamford and Warrington.

The agreement, which has been reached to the mutual satisfaction of all parties, has released the rentcharges affecting the Hospital together with all covenants. This will allow the Trust to develop the Hospital and to offer new healthcare facilities to the Tameside region. Morgoed wishes the Trust and its partners all success with the development.

As part of the process towards reaching the agreement, Morgoed has especially welcomed the contributions of leading counsel instructed by the Trust. Their re-examination of the long neglected area of the law relating to rentcharges has proved the necessity for all developers to consider the impact these instruments can have on development proposals.

Tameside and Glossop NHS Trust were represented by Dickinson Dees




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