Primary Health Properties makes £40m Bury purchase

The investor has bought both the Townside Primary Care Centre and the adjacent 3 Knowsley Street office building in Bury, growing its portfolio to 515 assets across the UK and Ireland.

Both of the Bury buildings are fully let. NHS Property Services and a pharmacy occupy the Townside Primary Care Centre. The office building has 90% of income secured against Bury Council. Combined, the two buildings have a weighted average unexpired lease term of 10.8 years. Regarding contracted rent, 91% is secured against government-backed tenants.

The acquisitions increase PHP’s contracted rent roll to more than £138m across its portfolio.

“We are delighted to be making this substantial acquisition of a modern, purpose-built hub facility in Bury,” said PHP managing director Harry Hyman.

“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” he continued. “The adjacent offices at 3 Knowsley Street are a key local government asset and operates as the main administrative offices for Bury Council.

PHP owns nearly 50 properties in the North West, including The Lever Chambers Centre for Health in Bolton, Victoria Central Health Centre in Wallasey and Barlow Medical Centre in Didsbury.