Developer LPC Living, owned by the Pervaiz Naviede Family Trust, has agreed the sale to Oakdeane Investments of Ordsall Health Surgery in Salford for £4.59m, at a net initial yield of 5.67%.
The two-storey, 15,500 sq ft medical centre fronting Trafford Road provides a range of healthcare services to Ordsall and Salford Quays, where the local population has increased by 64% between 2001 and 2011.
The centre opened in September 2012, on a 25-year lease, as part of the £50m Radclyffe Park development by LPC, joining a 50,000 sq ft Morrisons supermarket, a 156-bed Travelodge hotel, 79 new homes and a parade of 11 shops.
Simon Ashdown, director of LPC Living, said: "The sale of Ordsall Health Surgery will release funds to allow us to continue our ongoing regeneration work in the area. Ordsall has seen dramatic positive changes over the past five years and with its growing population, facilities and amenities are only going to continue to improve."
Contracts have now been exchanged with completion fixed for late June 2013. Jon Mason, real estate partner in the Manchester office of Gateley and Paul Jones at Tushingham Moore Surveyors advised the seller. Sam Pancholi at Freeth Cartwright LLP Solicitors and Tim Bradford at Banks Long & Co Surveyors advised the purchaser.