Sintons Oversee £12.3m Property Sale
Law firm Sintons has overseen the £12.3m sale of a well-known North East medical building to the UK’s leading primary care property investor and developer.
The One Life Building in Middlesbrough has been purchased by Assura, which now owns 233 medical centres across the country and has a contracted rent roll of £48.9m.
Assura bought the property from Teesside based Park Medical Services Limited, a group of GPs who originally developed the medical centre.
The 3,300sq m One Life Building is a key facility in health provision in Middlesbrough and the wider South Tees region. A part NHS and part-private health resource, it accommodates a GP practice, a pharmacy, a day case operating theatre, community services, mammography and X-ray services along with other outpatient services.
Newcastle law firm Sintons whose specialism in healthcare work has a national reputation advised Park Medical Services on the sale.
This purchase by Assura follows shortly after their £62.5m acquisition of the 32 medical venues owned by North East-based Trinity Medical Properties, a deal in which Sintons was also involved.
Assura said they remain on the acquisition trail for additional properties to add to their portfolio.
Graham Roberts, Chief Executive of Assura, said: “The One Life Building, with the wide range of medical services it offers, is a prime example of the type of space that is needed to meet the increasing role that primary care is playing in the NHS. As such, it is in line with our strategy of adding high quality premises and income to our growing portfolio.”
The healthcare team at Sintons led in this transaction by Partner Anthony Evans, with newly-promoted Associate Sarah Parish leading the commercial real estate advice acted for the selling GPs.
Anthony Evans said: “Park Medical Services has created, and developed over several years, a very impressive healthcare facility which plays a key role in medical provision throughout Middlesbrough and the wider Teesside area. The wide variety of services it offers to the local community makes it an ideal fit into Assura’s national portfolio.
“The healthcare team at Sintons has amassed a national reputation for its expertise and capability across the full range of legal matters in the sector, and we are very pleased to be able to handle yet another significant transaction.”