Primary Health Properties acquires Lancashire properties for £40 million

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Primary Health Properties, a UK-based investor in modern primary healthcare facilities, has announced it has acquired the Townside Primary Care Centre and adjacent office building in Bury, Lancashire, for £40 million.

The care centre is fully let to NHS Property Services, and the office is fully let with 90% of the income secured against Bury Council.

Harry Hyman, managing director of Primary Health Properties, said: ‘We are delighted to be making this substantial acquisition of a modern, purpose-built hub facility in Bury.’

‘The Primary Care Centre is a key component in the delivery of primary care in the area and serves approximately 22,300 patients, with a total of 17 General Practitioners located at the 3 GP practices located in the facility.’

The total WAULT (weighted average unexpired lease term) for the two buildings is 10.8 years with 91% of the contracted rent secured against government backed tenants.

This acquisition is set to increase PHP's portfolio to a total of 515 assets, with a contracted rent roll of over £138 million.