Healthy Business Continues
New Health Centre Handed Over in Newark.....
Banks Long & Co have continued to demonstrate their ever growing presence in the medical care property market with a number of major transactions coming to fruition already in 2011.
The new 1,380 sq m health centre forming part of the new Beaumond Cross town centre development in Newark has now been handed to Nottinghamshire County Primary Care Trust. Just down the road, the steel frame is being erected on the 1,275 sq m GP surgery which when complete will serve over 17,000 patients.
After very careful negotiations, the planning application has now been submitted by Lincolnshire Cooperative Limited for the full refurbishment and major extension to the Parkside Surgery in Boston. The completed development will provide a total of 1,325 sq m of GP surgery floor space.
Both the Newark and Boston developments will provide new pharmacy facilities; Newark is scheduled for completion in September 2011 whereas Boston will be completed in 2012.
In addition to new developments, Banks Long & Co continue to identify and acquire for retained investment clients medical care property investments.
At the end of January contracts were exchanged on the purchase of a GP surgery development in Yeovil and an existing surgery located on Commercial Road, E1, within half a mile of the City of London financial quarter.
Partner, Tim Bradford, who has dealt with the above projects explained: “It is important to understand all aspects of the medical care property market from working with GPs on the early stages of new developments, delivering the project, understanding and acting in the acquisition of existing Primary Care facilities and dealing with rent reviews and general management issues on these types of properties.
At Banks Long & Co we deal with it all and in the current climate of change within the NHS it is important that we continue to keep our clients fully abreast of all developments and provide clear guidance as to how to operate efficiently within a sector which accounts for such a large proportion of the national government spend.”
