Primary Health Properties which launched on the Alternative Investment Market a year ago, has bought a 3,901.8 sq m (42,000 sq ft) health centre in Bolton town centre for £2.75m.
Lever Chambers is let on a long lease to Bolton Community Trust and includes a number of doctors’ surgeries and a pharmacy. The current rent is £258,000 pa, indicating an initial yield of 9.38%.
The purchase, by subsidiary Primary Health Investments Properties, brings the firm’s portfolio owned and committed to £10.3m.
At the AIM launch, Primary Health Properties raised £29m to buy freehold and leasehold properties occupied by providers of healthcare services. GP partnerships receive refunds on their rent from either NHS Trusts or the Department of Health.
EGi News 07/02/97
