Cardiff medical centre acquired in a £4.5m deal

Cardiff medical centre acquired in a £4.5m deal

The freehold interest in Crwys Medical Centre in Cardiff has been acquired by Primary Health Properties in a £4.5m deal, in a deal advised on by the GS Verde Group.

The asset has been bought by Primary Health Properties plc, one of the UK's leading investors in modern primary healthcare facilities, from the Sarak Group.

The Crwys Medical Centre is fully let to a GP practice serving over 8,000 patients and a pharmacy. The two leases have a weighted average unexpired lease term of 13 years. The surgery building was the sole asset of Sarak Group.

The acquisition will increase PHP's portfolio to a total of 516 assets, of which 19 are in Ireland, with a contracted rent roll of over £138m.

Corporate advisory firm the GS Verde Group advised the shareholders of Sarak Group on the deal alongside Pontypridd firm Sullivans Accountants.