The centre, which is fully let to three GP medical practices, was purpose built in 2013/14 and provides services for over 4,000 patients and also maintains a sales area with a range of health and beauty products to accommodate various patient needs.
Ideally located in a predominantly residential area of the town, Woodland Drive occupies a substantial site with car parking facilities and sits adjacent to a pharmacy, making it highly convenient for patients.
The previous owner, Lo’s Pharmacy, decided to sell the medical centre so that they could continue to grow and focus on the acquisition of new stores and automation of existing stores. Steven Lo, Managing Director of Lo’s Pharmacy comments, “The sale of the medical centre is a positive step for the Lo’s Pharmacy group and it allows us to focus on our core business of running pharmacies.”
New owner, Assura is one of the UK’s leading healthcare REITs and adds Woodland Drive to its portfolio of 553 GP surgeries across the country. Amanda Roddy, Investment Manager at Assura comments, “The medical centre is at the heart of the community and we very much look forward to working with the practice team.”
Christopher Vowles, Head of Valuation – Medical at Christie & Co comments, “Demand for quality, purpose built medical centres, such as Woodland Drive, is high amongst a range of potential buyers. In an uncertain investment climate, they provide stable and reliable earnings for investors. We are delighted to have acted in this transaction to help both Lo’s Pharmacy and Assura achieve their desired outcome.”