Primary Health Properties buys Bury centre, office block for £40m
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Primary Health Properties on Friday said it had bought the Townside Primary Care Centre and adjacent office building in Bury, Lancashire for £40m.
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The centre is a 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.
PHP said the combined weighted average unexpired lease term for the two adjacent buildings is 10.8 years with 91% of the contracted rent secured against government backed tenants.
The acquisition will increase PHP's portfolio to a total of 515 assets, of which 19 are in Ireland, with a contracted rent roll of more than £138m, the company added.