The Lancashire-based property and construction group has bought Beech Hill Medical Practice in Wigan and Fulwood Green Medical Centre in Liverpool, for undisclosed sums.
Eric Wright Group bought the 7,500 sq ft Beech Hill property on Gidlow Lane on a 20-year sale-and-leaseback arrangement, and the 4,500 sq ft Fulwood Green on Jericho Lane on a similar deal over 21 years, from the GPs that operate the centres.
The acquisitions are part of the company’s strategy to bolster its investment portfolio. It aims to grow its property portfolio to £100m, from £77m, over the next three years.
Both the Wigan and Liverpool medical centres are around 20 years old and each has an integrated pharmacy.
“These two medical centres are solid additions to our growing portfolio and represent good long-term income producing investments for the group,” said Patrick Naylor, group portfolio manager at Eric Wright Group.
“We have invested in 42 properties across the region [to date] and our portfolio has a growing focus on the health and care sector, which shows resilience and a great deal of potential for future growth.”
Avison Young was the investment agent on the deal. Principal Frank Convery said: “We provided development consultancy advice, as well as lease and investment advice, for both GP surgery schemes.
“We provide this service nationally to investors and medical practices, allowing GPs a more flexible approach to surgery ownership, assisting retirements and recruitment, and releasing much-needed equity.
“Both medical centres are regarded as strong investments as the rent is underpinned by NHS funds over a period of 20 years with an additional pharmacy rental income.”
NHS health investments such as these acquisitions are currently “very attractive to investors over and above traditional commercial property in a period where we have changed how we work and shop”, Convery added.
Eric Wright is seeking further, similar acquisitions across the North West, it said.