Newcore to inject £100m in GP surgeries

Specialist real estate fund manager Newcore Capital is planning a £100m push into GP surgeries following  the acquisition of a purpose-built primary healthcare facility in Headcorn near Maidstone, Kent. The property comprises 7,696 sq ft arranged over two floors and 80% of the space is leased to a GP partnership, with the remainder occupied by pharmacist Freshname. The site also benefits from 646 sq ft of consented expansion space. Newcore chief investment officer Harry Savory said: “Our purchase of Headcorn surgery reflects the strong, demographically underpinned demand for primary healthcare facilities in the South East.  The asset benefits from strong environmental credentials and from its close proximity to Headcorn station, and these factors, combined with its purpose-built nature and consented expansion, will provide further protection against obsolescence.” Chief executive Hugo Llewelyn added: “Clinical healthcare has always been an area of focus for us but the opportunity to invest in GP surgeries, particularly those where we can work with doctors to future-proof their assets in line with the NHS 2040 net zero commitment, is exciting. There is perhaps an unusual window of opportunity for buying as traditional healthcare REITs are generally on the sidelines, being constrained by higher interest rates and continued share price-to-NAV discounts.” Image from Newcore