Primary Health Properties PLC has acquired the Townside Primary Care Centre and adjacent office building in Bury, Lancashire for a total consideration of €46.6m (£40m). The Townside Primary Care Centre is a substantial purpose-built primary care hub which is fully let to NHS Property Services and a pharmacy. The office accommodation is also fully let with 90% of the income secured against Bury Council. The combined WAULT for the two adjacent buildings is 10.8 years with 91% of the contracted rent secured against government-backed tenants. This acquisition will increase PHP's portfolio to a total of 515 assets, of which 19 are in Ireland, with a contracted rent roll of over €161m (£138m).
Harry Hyman, Managing Director of Primary Health Properties, commented: "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 adjacent offices at 3 Knowsley Street are a key local government asset and operates as the main administrative offices for Bury Council. We have a strong pipeline of opportunities in the UK and Ireland and are well-positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure."