Healthcare centre bought by specialist investor
Healthcare investor Primary Health Properties has bought a primary care centre in Birmingham for £4.67m.
The Croft Medical Centre, which is the sole asset of Chelmsley Associates, is in Chelmsley Wood, close to Birmingham Airport.
The centre is fully let to the partners of the GP practice, has an unexpired lease term of over 23 years.
It has a patient list of more than 11,000 and, at 12,600 sq ft, lays claim to being the largest healthcare centre within the local health economy.
Harry Hyman, managing director of Primary Health Properties, said: “Croft Medical Centre is a positive addition to the portfolio and meets all of our investment criteria, with the added advantage of being located within a new wider community led development, which also includes a school, dentist and pharmacy.”
This acquisition will increase Primary Health Properties’ portfolio to 304 assets with a gross value of in excess of £1.3bn and a contracted rent roll of more than £70m.
