Assura Group Limited (“Assura”), the leading primary care property investor and developer is pleased to announce that it has acquired the freehold of Leylands Medical Centre, Bradford and contracted to forward purchase a medical centre development in Danbury, Essex.
The property in Bradford has been acquired from the GPs who originally developed the 960 sq. metre medical centre, for £2.6 million. The property benefits from a passing rent of £162,000 and is let to the GP partners and Lloyds Pharmacy Limited, each on new 25 year lease terms.
In addition Assura has contracted to forward fund a new 1,200 sq. metre medical centre in Danbury, Essex for £3.2 million including costs. The development partner is a subsidiary of Ashley House plc and the building is due to complete towards the end of 2015. The property benefits from an agreement for lease with the GPs for 20 years, and was approved by the NHS prior to the changes to the primary care regime in April 2013.
Following the transactions Assura now owns 234 medical centres with a further five developments under construction. The total rent roll is now £48.9 million per annum. On completion of the five developments in progress this will increase by a further £1.4 million to £50.3 million.