Salford health centre sold in £4.5m deal
DEVELOPER LPC Living has sold Ordsall Health Surgery in Salford for £4.59m.
It has been bought by London-based health centre investor Oakdeane Investments which is owned by Amar and Rita Jagsi. LPC said the deal represented a net initial yield of 5.67%.
The two-storey, 15,500 sq ft medical centre in Trafford Road provides healthcare services to Ordsall and Salford Quays.
The centre, which opened in September, is part of the £50m Radclyffe Park development which has a 50,000 sq ft Morrisons supermarket, a 156-bed Travelodge hotel, and 79 new homes.
LPC Living, owned owned by the Pervaiz Naviede Family Trust, has been heavily involved with the redevelopment of Ordsall. Last month it sold the ground rents portfolio for 611 apartments and houses in the Hulton Square and Radclyffe Park areas to Bolton-based Landmark Investments Group for £1.2m.
Simon Ashdown, director of LPC Living, said: “The sale of Ordsall Health Surgery will release funds to allow us to continue our ongoing regeneration work in the area. Ordsall has seen dramatic positive changes over the past five years and with its growing population, facilities and amenities are only going to continue to improve.”
Sanjiv Jagsi, director of Oakdeane, said: “We are pleased to add this state of the art health centre to our ever growing portfolio of primary care investments. The long term secure income and fixed increases attracted us, along with the developing area around Salford Quays.”
Jon Mason, property partner in the Manchester office of Gateley and Paul Jones at Tushingham Moore Surveyors advised LPC. Sam Pancholi at Freeth Cartwright Solicitors and Tim Bradford at Banks Long & Co Surveyors advised Oakdeane.
