Project
Syston Health Centre is a state-of-the-art, three-storey health centre building developed by a consortium of forward-thinking GPs.
The building, which covers 2,575 sq.m and is surrounded by a large patient car park, was let to two independent GP Practices, an NHS Trust, and a stand-alone pharmacy.
Banks Long & Co were instructed to work with the parties to create a saleable asset for the freehold owners, before selling the health centre in its entirety for its maximum valuation.
Prior to the firm’s involvement, the development’s multi-occupancy nature created a number of issues, and it was therefore important that the buyer was able to work with the tenants and the GPs in managing the site going forward.
Approach
It was crucial to invest significant time in working with the two independent GP Practices to agree on a variety of factors. These factors primarily centred around the future management of the health centre by a third party owner.
Once the structuring strategy for offering the surgery to the market had been agreed, Banks Long & Co engaged with a small number of specialist surgery investors, with both the price and the eventual owner of the health centre major considerations.
Results
Investing significant time at the front end of the sale process, Banks Long & Co offered a clean, top-quality health centre investment to buyers. The investors’ significant portfolios and reputation in the market enabled them to demonstrate that they had in-house management systems capable of running a multi-occupied site such as Syston Health Centre.
It was important for the tenants on-site that the successful buyer could smoothly run the Health Centre and allow the GPs to focus their time on delivering their core primary care service.
Through a targeted competitive disposal strategy, the Centre was eventually sold to Primary Health Properties, who were able to deliver a significant capital receipt for the freehold owners and provide tenants with the comfort of ongoing management.
