Specialist healthcare property investor snaps up medical centre
East Bank Medical Centre, in Sheffield, has been sold to FTSE 250-listed real estate investment trust Assura plc for an undisclosed sum.
Business property adviser, Christie & Co, handled the deal for the two-storey General Practice doctors’ surgery, which offers a full range of medical services to the public. The site includes a pharmacy occupied and operated by Lloyds Pharmacy Group.
The freehold property has been owned by the practice since it was constructed in 2011 and was recently brought to market following the retirement of the original owning partners.
A new lease was agreed with the remaining partners of the practice to enable the sale.
Dr Tim Hooson, outgoing partner at East Bank Medical Centre, said: “We built the premises in 2011 after acquiring the land from the local authority, enabling the practice to relocate from its existing site which was no longer fit for purpose.
“Since then, the practice has undergone significant expansion in patient numbers and continues to deliver a full range of primary health care services to the local community.
“Restructuring of the practice following retirement of two of the three owning partners gave us an opportunity to review our plans for the long-term future and financial security of the practice.
“I was pleased to be able to work with Christie & Co to secure the sale to Assura which will allow the practice to continue to operate from these excellent premises.
“It is reassuring to know the practice will be working with an experienced landlord with a proven reputation for providing quality premises for healthcare providers.”
Amanda Roddy, senior investment manager at Assura, said: “The building fits well with our existing portfolio of over 600 healthcare buildings, and we were pleased to play an important part in securing the future of this growing practice by facilitating a property ownership solution.
“We look forward to working with our new tenants and supporting their estate requirements now and into the future.”
Christopher Vowles, head of medical at Christie & Co, who handled the sale, added: “We received a good level of interest in this practice, with a deal agreed with Assura within a short space of time.
“The demand for NHS back premises continues to be strong given the difficulties in other investment classes.”