Primary Health Properties acquires health centres in Kidderminster, South Petherton and Crewkerne

PHP : Primary Health Properties acquires health centres in Kidderminster, South Petherton and Crewkerne

Primary Health Properties has announced the acquisition of three modern, purpose built, health centres for £14.3m. The properties are Hume Street Medical Centre in Kidderminster (Pictured – 2,387 square metres with GP practices and apharmacy as tenants), South Petherton Medical Centre (916 square metres – GP practice and pharmacy) and West One Surgery in Crewkerne (310 square metres – GP practice). All properties have been built within the last two years and have a weighted average unexpired lease term of 26 years. In addition, a pipeline agreement has been completed, giving PHP exclusive rights to acquire three further medical centres that are to be developed by the vendor. These are all expected to reach financial close during 2014 and be completed within the 12 to 15 months thereafter. These assets are expected to cost a total of GBP10.9 million and be fully let upon completion for an average term of 22 years.

Primary Health Properties is leading investor in modern primary healthcare facilities in the UK. Its properties are primarily leased to GPs, NHS organisations and other associated healthcare users.