Laois health care centre sold for in multi-million deal to UK firm

Lynda Kiernan

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Lynda Kiernan

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lynda.kiernan@leinsterexpress.ie

A Laois primary care centre has been sold for a multi million sum

The Primary Care Centre in Mountmellick, sold to a UK company.

A Laois primary care health centre has been sold to a British property company, which is rapidly expanding into Ireland to buy up healthcare properties.  

Primary Health Properties PLC has purchased Mountmellick Primary Care Centre in €5.8 million deal. The centre was built in 2010 by BPI Investments, owned by Laois brother Joe and Vinnie Byrne, along with a shopping plaza that includes SuperValu, a pharmacy and several shops.

The company is listed on the FTSE stock exchange, and owns over a £1 billion pounds worth of properties. 

Two thirds of the health centre is reported to be rented by the HSE, for another 18.5 year term.  Glenard Clinic doctors surgery also rents at the centre.

It is the fourth Irish healthcare property bought by Primary Health, who see “significant potential” in  Ireland because they expect future modernisation of healthcare services here. 

The company's health properties managing director is Harry Hyman.

“Mountmellick is a well-placed modern primary care centre providing local integrated care via the HSE, GPs and pharmacy. The majority of the income is secured against a government backed tenant with a long unexpired term and is therefore substantially in line with our target acquisition profile.

“We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions,” he said.

The Centre offers a range of services such as GP services, physiotherapy, community nursing, dental, addiction and community welfare.

The Mountmellick acquisition is the company’s fourth in Ireland, and its Irish property portfolio is reported to be now worth more than £40 million. In full it owns 308 assets, with a gross value of almost £1.4bn and a contracted rent roll of £73.5mln.

The company raised £115 million through a share sale in April to expand.