Assura Group has bought a 54,000 sq ft office building at Daresbury Park, Cheshire, from Norwich Property Trust for £11m, a yield of 7.4%.
Assura plans to move its headquarters to the building following the deal and will occupy a floor of 18,000 sq ft.
The remaining space is nearly fully let to occupiers including H&S Administration and DeWitt. Daresbury Park is located on the M56 near Runcorn.
The building, among the assets managed for Norwich by Morley Fund Management, had been on the market for several months having failed to sell last year as the institutional market fell flat, especially in Cheshire and South Manchester due to oversupply of similarly sized offices.
Assura has outgrown its current premises in Chester, where it has been based for the past four years. The new premises at Daresbury will pave the way for a gradual increase in staff from the current northern-based headcount of 130 to around 220.
Assura owns a portfolio of modern GP surgeries around the UK, and operates a chain of pharmacies and primary care centres. The company has committed £575m to health facilities across the UK to date and is on track to commit £750m by the end of 2009.
Mason Owen advised Assura; Christopher Dee acted for Norwich/Morley.