Primary Healthcare Properties buys Swindon medical centre – Primary Health Properties has acquired the Moredon Medical Centre (net assets acquired GBP6.1 million), a standing let investment property situated in Moredon, Swindon.
The property comprises of a modern, purpose built 1,446 m(2) medical centre which is fully let to the Moredon Medical Centre Partnership, receiving rent re-imbursement in the usual manner through a long term government backed lease agreement, and a Lloyds pharmacy unit with a WAULT of approximately 27.5 years, which is accretive to the overall portfolio.
The GP patient list represents over 11,500 people and is amongst the largest patient lists in the local area. The Swindon Clinical Commissioning Group is supportive that the practice catchment area should be expanded to cover areas of new residential development and it is therefore expected that the patient list size will continue to grow. The pharmacy lease benefits from uncapped RPI led rent reviews.
This acquisition will increase PHP’s portfolio to a total of 309 assets with a gross value of circa GBP1.375 billion and a contracted rent roll of approximately GBP73.5 million.
Harry Hyman, managing director of Primary Health Properties, commented: “Moredon Medical Centre provides a positive addition to the portfolio representing a large and growing patient list in the area. The building is a modern and purpose built dedicated healthcare facility with a particularly long unexpired term certain, which positively benefits the portfolio WAULT whilst also benefitting from an element of RPI led rent reviews. We have a strong pipeline of acquisitions in the UK and Ireland and remain well positioned to continue growing the portfolio.”
PHP : Primary Healthcare Properties buys Swindon medical centre