27 Jan 2020
M7 fully lets Nottingham asset- a picture of health
M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has granted a new ten-year lease to Nottingham City GP Alliance Ltd (“NCGPA”), the city’s first General Practice Federation on behalf of M7 Real Estate Investment Partners III (“M7 REIP III” or the “Fund”).
The property is located in Nottingham’s retail district and has dual frontage to both Upper Parliament Street and Long Row, a location supported by excellent transport links and that is easily accessible to patients across the city.
NCGPA was formed in 2016 and is made up of 45 equal shareholder GP practices providing healthcare provision to 336,000 patients. Since 2018, NCGPA has occupied 9,621 sq ft on the ground floor of the property. However, due to increased demand, a new ten-year, annual RPI linked lease has been agreed on both the ground and 1st floor increasing their occupied space by 102% resulting in the asset becoming fully let.
Victoria Lane, Asset Manager at M7, commented: “The property for a long time has been let to healthcare providers and the 1st floor void was already fitted out as a GP surgery. It would have been such a shame to rip out and refurbish 9,866 sq ft of medical space before exploring options to let in its current state. Working closely with our current tenant has meant that they have been provided with instant useable space to support the immediate healthcare demands in the city centre and has also meant the Fund has saved a considerable amount of money on a speculative refurbishment project.”