Matthews & Goodman’s investment team has successfully completed two healthcare sector transactions in South Manchester.
New Alderley House, a 34,390 sq ft building located within the Macclesfield General Hospital Campus, was sold to Primary Healthcare Properties (PHP) PLC for £10.15 million. PHP (managed by Nexus) is the largest primary healthcare investor in the UK.
The property is let to two tenants; East Cheshire NHS Trust (Headquarters) and Central and Eastern Cheshire Primary Care Trust.
Matthews & Goodman acted on behalf of a partnership of private investors and have been retained as managing agents on the property; PHP’s only outsourced property managers.
The team has also advised on the purchase of a Grade II listed specialist healthcare facility on behalf of Harmsworth Pension Fund and their asset managers Helix Property Advisors, for £6.02 million to reflect a net initial yield of 6%.
Located to the south of Manchester City Centre, close to Manchester Royal Infirmary, the property extends to 30,119 sq ft, on a self-contained site of 1.063 acres. It recently underwent a multi-million-pound refurbishment to provide theatre and procedure rooms, a state of the art IVF laboratory with cryostorage facilities, several consulting, clinical and recovery rooms and consultation and administration facilities.
The property has been leased back to world-leading CARE Fertility Group, for a 30-year unbroken term at an initial rent of £385,000 per annum, subject to RPI linked increases (collared and capped at 2% and 5% per annum).
Head of Investment James Routledge commented, “Many buyers are currently seeking investments with long term income and rental growth potential. We are therefore delighted to have structured such a transaction for our clients, off market”.
Matthews & Goodman and Cew Capital advised Harmsworth/Helix and Innes England acted for CARE.