MedicX Fund Limited has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Cromer, Norfolk. The property is due to be completed in March 2018.
The acquisition is being made under a new three year framework agreement which provides MedicX Fund the exclusive right to acquire, by way of forward funding, new primary healthcare schemes from Medcentres, a leading developer of primary healthcare centres. The completed development will consist 1,147 m(2) let to the Cromer Group GP Practice and a local pharmacy under leases running for a term of 20 years from practical completion. The completed property is expected to cost GBP3.75 million.
The MedicX Fund’s total property portfolio now comprises 154 properties throughout the United Kingdom and Republic of Ireland of which 147 are operational and fully let, with seven under construction. The annualised rent roll for all properties is now GBP37.8 million.
MXF : MedicX invests in new healthcare centre for Cromer