LPC Living Sells Ordsall Health to Oakdene Investments
Developer LPC Living, which is owned by the Pervaiz Naviede Family Trust, has agreed the sale of part of its commercial property portfolio to one of the UK’s leading investors in healthcare property.
Oakdeane Investments on behalf of clients have contracted to purchase Ordsall Health Surgery, a new Surgery and NHS facility in Salford, for £4.59m. The deal represents a net initial yield of 5.67%.
The two-storey, 15,500 sq ft medical centre fronting Trafford Road, provides a range of healthcare services to Ordsall and Salford Quays; an area seeing significant private and public investment and where the local population has increased by 64% since 2001*. Services available include general practice, speech and language, baby clinics, health visits, psychiatry, district nursing, community dentistry, dentistry teaching, podiatry and pharmacy.
The centre, which opened in September 2012 forms part of the £50m Radclyffe Park development and already home to a 50,000 sq ft Morrisons supermarket, a 156-bed Travelodge hotel, 79 new homes and a new high street comprising 11 retail units.
Simon Ashdown, Director of LPC Living said: “The sale of Ordsall Health Surgery will release funds to allow us to continue our ongoing regeneration work in the area. Ordsall has seen dramatic positive changes over the past five years and with its growing population, facilities and amenities are only going to continue to improve.”
LPC Living is leading the long-term rejuvenation of the Ordsall district. This residential area sits directly opposite the huge redevelopment of Salford Quays and the creation of the North West creative hub at MediaCityUK. Situated on the corner of Trafford Road and Phoebe Street, the health centre fulfils one of the main aims of the Ordsall Development Framework, a £100m partnership between LPC Living and Salford City Council which seeks to improve homes and amenities for the community.
Sanjiv Jagsi, Director of Oakdeane Investments said: “We are pleased to add this state of the art Health Centre to our ever growing portfolio of primary care investments. The long term secure income and fixed increases attracted us, along with the developing area around Salford Quays.”
Contracts have now been exchanged with completion fixed for late June 2013. Jon Mason, real estate partner in the Manchester office of Gateley and Paul Jones at Tushingham Moore Surveyors advised the seller. Sam Pancholi at Freeth Cartwright LLP Solicitors and Tim Bradford at Banks Long & Co Surveyors advised the purchaser.
* Salford City Council 2011 Census – population of Ordsall was 6,566 in 2001 and 14,194 in 2011.
For more information on LPC Living please contact Fiona Kirwan on 0161 233 1814 or email@example.com
LPC Living specialises in urban regeneration across the UK. Outside of London, the company has been appointed by Salford City Council as the lead developer for the £100m regeneration of the Ordsall estate in Salford - an area totalling 180 acres. Visit www.lpcliving.co.uk for further details.
LPC Living is owned by the Pervaiz Naviede Family Trust. The Trust has assets in excess of £200m in the UK and the UAE with interests in commercial, residential, leisure, healthcare and childcare & education. Visit http://www.whoarewe.com/about-the-pervaiz-naviede-family-trust/ for further details.
Oakdeane Investments Specialises in the purchase of Medical Centre investments for itself and on behalf of clients (consortia and individuals) and have a portfolio of 38 properties to date valued at circa £85 million. Please see http://www.medicalinvestments.co.uk for further information.