Stevens & Bolton has advised CMS Developments Ltd (CMSD), a specialist healthcare developer, on its contract with Primary Health Properties (PHP) and their acquisition of premises for a new primary care centre in Epsom, Surrey.
PHP has contracted with CMSD to fund the fitting-out of a doctors' surgery within a modern mixed use residential development in the centre of Epsom, and the long leasehold of the property for £4.1 million on completion of the work. PHP will let the building to local GP practice Ashley Centre Surgery for an initial term of 20 years.
This acquisition increases PHP's portfolio to a total of 490 assets with a gross value of just over £2.4bn.
Jon Yendell of CMSD commented “working in partnership with the GP Practice over the last eight years, it is fantastic to finally secure the premises and funding to enable us deliver this much needed new healthcare facility and I thank the S&B team for their assured guidance in bringing this complicated transaction together and their tenacity to drive the deal over the line.”
Commenting on the deal Andrew Steele, head of real estate at Stevens & Bolton, said: “We were delighted to assist CMSD on a scheme that had many challenges, and to see new primary care premises being developed in Epsom. It is important to our health service that new modern facilities are provided for those looking after our health, and hopefully we will see more activity in the sector with greater NHS Funding.”
The Stevens & Bolton team was led by real estate partner Andrew Steele, support by Alice Donzelot (real estate) and Ben Willis (construction).