M7 signs Nottingham City General Practice Alliance

By James Wallace - Friday, April 13, 2018 10:56

M7 Real Estate has signed the Nottingham City General Practice Alliance (NCGPA) to an 11,256 sq ft, 10-year lease at the city’s Upper Parliament Street.

NCGPA, Nottingham’s first General Practice Federation, agreed the 10-year lease at a rent of £150,000 pa, equivalent to £13.33 per sq ft, with annual inflation linked, upward only rent reviews.

The Federation comprises 47 GP practices, which provide essential GP City Centre services alongside NEMS Platform One Practice to over 336,000 patients.

The letting by M7 was on behalf of M7 Real Estate Investment Partners III (M7 REIP III).

The property is located in 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, said: “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.”

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

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