Eric Wright acquires pair of North West medical centres
The Eric Wright Group has added two medical centres in North West to its growing property investment portfolio.
The two acquisitions are the 7,500 sq ft Beech Hill Medical Practice on Gidlow Lane in Wigan, purchased from the GP practice on a 20 year sale and leaseback agreement, and the 21-year sale and leaseback agreement of the 4,500 sq ft Fulwood Green Medical Centre on Jericho Lane, Liverpool.
Both medical centres are around 20 years old and each has an integrated pharmacy.
The acquisitions take the construction and property group another step closer to its ambition of overseeing a £100m portfolio.
Patrick Naylor, group portfolio manager for Eric Wright Group, said: "These two medical centres are solid additions to our growing portfolio which is currently valued at £77m.
"We have invested in 42 properties across the region and our portfolio has a growing focus on the health and care sector which shows resilience and a great deal of potential for future growth. These acquisitions represent good long-term income producing investments for the Group."
Wayne Ashton, head of partnerships at Eric Wright Health and Care, added: "Both practices have been on the front line of healthcare delivery during the pandemic and despite this the teams have continued to work with us to complete these transactions. We appreciate all their hard work in keeping us safe and well.
"We are really pleased that they have chosen to work with Eric Wright and we know our charitable foundation ownership was a deciding factor for both practices. These acquisitions not only support the growth of our property portfolio but will deliver long term sustainable returns back to our Charitable Trust and enable the continued delivery of healthcare in the community."
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