The Oakwood Lane medical centre was completed in 2014 and is fully let to a general practitioner (GP) practice that serves more than 13,500 patients, making it one of the largest practices in the local area; it also has a pharmacy unit that benefits from rent reviews linked to the retail price index.
Primary Health (PHP) also revealed it has contracted to provide development funding for the construction of a purpose-built medical centre in Langwith, Derbyshire for a total cost of £1.8mln, which will be transferred to PHP upon its completion.
The property will be fully let to the Derbyshire Community Health Services NHS Foundation Trust ion a 20-year lease.
These transactions increase PHP's portfolio to a total of 315 assets with a gross value of slightly more than £1.5 billion and a contracted rent roll of just under £80 million.
"These transactions further grow the portfolio, generating shareholder value by adding to the group's rent roll and extending its WAULT [weighted average unexpired lease term]. They will also benefit not only our shareholders but also our other stakeholders in delivering modern fit for purpose facilities for the provisions of local healthcare services that are easily adapted to meet changing healthcare needs,” said Harry Hyman, the managing director of PHP.