Primary Health Properties PLC
Completion of Developments
Primary Health Properties PLC (“PHP”), one of the UK's leading investors in modern primary healthcare facilities, announces that it has taken delivery of two completed developments of large, modern primary care centres in Ireland; a 4,822m2 centre at Bray, Co. Wicklow, 12 miles south of Dublin and a 3,232m2 centre at Rialto, Dublin 8.
The Bray primary care centre extends over three floors and approximately two-thirds of the rent roll is contracted to the Health Service Executive (“HSE”), who will use the centre for the delivery of a wide range of health services including public health nursing, dental, dietetics, psychology, physiotherapy, occupational therapy, speech and language therapy, and adult mental health services. The other tenants include a GP practice and pharmacy who have both agreed 25-year leases from practical completion, as has the HSE .
The Rialto primary care centre is also principally let to the HSE on a 25-year lease and will provide nursing, counselling, physiotherapy, speech and language and occupational therapies, and a range of additional services from the centre.
PHP's portfolio comprises a total of 490 assets, of which 16 are located in Ireland, with a gross value of over £2.4 billion and a contracted rent roll of just over £128.0 million.
Harry Hyman, Managing Director of Primary Health Properties, commented:
“We are delighted to be able to deliver these two large facilities that form an important component of the HSE's strategy of healthcare provision in the Dublin region in time to bolster primary healthcare capacity during the COVID-19 crisis, with the Rialto centre to be used initially as a community assessment hub for the virus. We are working closely with the HSE to provide for the best use of these centres, and others in Ireland, to add health system capacity at this time.
“We continue to further build the quality of our portfolio by delivering new facilities with long unexpired lease terms. We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio.”