13 Apr 2018
M7 Real Estate passes full medical at Upper Parliament Street with letting to first General Practice Federation in Nottingham
London, 13 April 2018 – M7 Real Estate (“M7”), the pan-European investor and asset manager, acting on behalf of M7 Real Estate Investment Partners III (“M7 REIP III”), has completed the letting of 11,256 sq ft to the Nottingham City General Practice Alliance (“NCGPA”), Nottingham’s first General Practice Federation, at Upper Parliament Street.
NCGPA has agreed a 10 year lease at a rent of £150,000 per annum, equivalent to £13.33 psf, with annual inflation linked, upward only rent reviews. The Federation consists of 47 GP practices, which provide essential GP City Centre services alongside NEMS Platform One Practice (“NEMS”) to over 336,000 patients.
The property is located in the heart of Nottingham’s retail district and fronts both Upper Parliament Street and Long Row. The asset comprises 25 individual consulting rooms with additional offices, utility, plant and storage areas. A tri-partite deal between M7, NEMS and NCGPA was agreed to maintain and grow vital GP provision in Nottingham City Centre.
John Murnaghan, Head of UK Real Estate at M7, commented, “This letting to the NCGPA is a major transaction for M7 REIP III and will generate secure and long-term income. In addition, the asset will be fulfilling an important role in supporting essential public services for the local community in Nottingham City Centre.”