MedicX has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Brynmawr, South Wales. The property is due to be completed in November 2017.
The acquisition is being made under the framework agreement with General Practice Investment Corporation (“GPI”) which was agreed in May 2013.
The completed development will be let to the Local Health Board and Bestway Pharmacy. All leases will be for a term of 20 years from practical completion. The completed property will consist of 1,587 m(2) with an initial passing rent of approximately GBP300,000 per annum, subject to three-yearly effectively upwards only market rent reviews.
The MedicX Fund’s total property portfolio now comprises 153 properties throughout the United Kingdom and Republic of Ireland of which 146 are operational and fully let, with 7 under construction. The annualised rent roll for all properties is now GBP37.4 million.
MXF : MedicX invests in Brynmawr