A healthcare giant has bought a well known medical building on Teesside in a deal worth £12.3m.
The One Life Building in Middlesbrough has been bought by Assura, a primary care property developer and investor, with Newcastle law firm Sintons overseeing the high value sale.
The purchase brings Assura’s portfolio of medical centres to 233 across the UK, with a contracted rent roll topping £48.9m.
Assura bought the property from Teesside-based Park Medical Services Limited, a group of GPs who originally developed the medical centre.
The 3,300sqm 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 has 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 advised Park Medical Services on the sale.
The deal comes after Assura’s £62.5m acquisition of the 32 medical venues owned by North East-based Trinity Medical Properties, a deal in which Sintons was also involved.
The health firm said it will remain on the acquisition trail for 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.
Mr Evans added: “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.”