Assura Group Limited (“Assura”), the leading primary care property investor and developer is pleased to announce that it has completed the development of three medical centres in Lanchester, Market Weighton and Blaenavon and acquired a further medical centre in Wellington.
The three developments have a combined value of £11.0 million with a weighted average un-expired lease term of 24.5 years with rents contracted under the leases of £0.66 million1. The combined yield on cost is 7.3%1
In addition Assura has acquired a fully let, purpose built medical centre in Wellington on a new 30 year lease. The property was acquired for £1.75 million and has a rental yield of 6.3%.
Following the additions Assura now has 236 medical centres with a contracted rent roll of £49.5 million reflecting the rents from the four new premises net of two former surgeries now reclassified as non-core.
Graham Roberts, CEO of Assura, commented:
“The three developments and acquisition are each fully integrated facilities, incorporating a wide range of services to meet the needs of their respective local communities. This is in line with our strategy of adding high quality premises and strong income flow to our expanding portfolio.”
1 The GP lease at Market Weighton has a concessionary rent of £80k for first three years rising to minimum of £207k on third anniversary and figures quoted include this reversion.