St Catherine’s Health Centre
Capital investment; Private equity/debt
Devising a pioneering funding model that unites health and care services under one roof
In developing a state-of-the-art health and care centre in Birkenhead, Prime has helped to transform an important site at the heart of a community. The £32m development offers a new hub for the patient population in a facility that rivals the very best in the NHS.
Prime brought the benefit of our experience in health and social care property development to this visionary project. Showing how a genuine partnership approach creates a blueprint for achieving integration of services.
Located at the heart of an area undergoing significant regeneration, St Catherine’s Health Centre was experiencing a growing demand for local healthcare provision that was only set to increase. Multiple buildings across the site led to fragmented service delivery with limited scope for collaborative working or expansion.
With a vision to deliver a ‘one stop shop’ for the community that would revive local facilities and bring together public services, independent and voluntary sector agencies under one roof, the Trust commissioned Prime to help make this vision a reality.
Prime specialises in unlocking challenges and breaking away from established ways of thinking. The solution for this project focused on pioneering a financially viable and secure agreement – something we achieved with the creation of a Shared Investment Agreement (SIA). This enabled the NHS Wirral to contribute 55% of the capital costs, with the remaining 45% of the funding provided by Prime. While this type of shared-ownership model is common in other areas of property investment, this funding model represents a breakthrough for the healthcare sector. Prime has enabled the Trust to make the most of their existing assets and capital – offering a long-term, value-for-money solution.
The project has also been a benchmark for timescales for a scheme of this size. Prime brought additional value to the scheme via our wealth of experience in property development – ensuring a quick and efficient financial close from SHA Stage 2 inside eight weeks.
A truly integrated scheme is one that places the community at its heart. The result at St Catherine’s is an outstanding, award-winning health and social care hub that is able to cope with increased and changing service demands, while improving access and safety in an inspiring and therapeutic environment.
The state-of-the-art new building transforms the Church Road site, creating a major new health centre for health and wider care service for the residents of Tranmere and Birkenhead.”
Former Head of Capital Projects and Premises Management at NHS Wirral