PHP Primary Health Properties Plc

TIDMPHP

RNS Number : 8390H

Primary Health Properties PLC

11 April 2022

Primary Health Properties PLC

("PHP" or the "Group")

First Net Zero Carbon ("NZC") Direct Development

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has signed agreements for its first NZC direct development, a new purpose-built facility in Eastergate, West Sussex, with a gross development value of GBP6.7 million.

The new building will be one of the first UK healthcare buildings to achieve this status. NZC will be achieved by measuring, minimising and offsetting embodied carbon from materials used during construction as well as enabling occupiers to operate the building with NZC emissions. The building is expected to deliver high levels of health and wellbeing and achieve BREEAM Excellent standards and an EPC rating of A, with low levels of waste and water usage, and the use of responsibly sourced and sustainable materials.

The centre will showcase the breadth of medical services available to patients and the wider Primary Care Network which characterise PHP's modern healthcare facilities. These services will include general practice (physical, telephone, video and minor operations), physiotherapy, mental and occupational health, social prescribing, care co-ordination, clinical pharmacy and training for GPs, nurses and paramedics.

The site has been identified in line with PHP's strategy of addressing the increasing demand for services in an area following major local population growth and the transfer of services away from the overburdened local hospital setting.

The development is pre-let to both a GP practice and the local pharmacy for a 25-year term. This transaction will increase PHP's portfolio to a total of 523 assets, of which 20 are in Ireland, with a contracted rent roll of over GBP141 million. Work is expected to commence imminently with practical completion expected in Q2 2023.

Harry Hyman, CEO of Primary Health Properties, commented:

"We are delighted to have commenced work on one of the UK's first NZC healthcare buildings. Starting work on our first NZC direct development is a significant achievement and demonstrates our strategic commitment to transitioning all our operational, development and asset management activities to NZC by 2030 and to help our occupiers achieve NZC by 2040 as set out in our recently announced NZC Framework.

"This development is the first in our strong pipeline of GBP163 million of direct development opportunities providing short-cycle and de-risked development activity, adding high quality assets to the portfolio and capturing attractive development margins."

More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk

Further details:

 
 Harry Hyman                           Richard Howell 
  Chief Executive Officer               Chief Financial Officer 
  Tel: +44 (0) 20 7451 7050             Tel: +44 (0) 20 3833 
                                        3342 
 
   David Rydell / Steph Whitmore / 
   Tilly Abraham 
   (Buchanan Communications) 
   Tel: +44 (0) 20 7466 5066 
 
 

Legal Entity Identifier: 213800Y5CJHXOATK7X11

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April 11, 2022 02:00 ET (06:00 GMT)

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