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NHS Doctors’ Surgery Investment
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for sale
Private Treaty
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£
560,000
Offers in excess of
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Location
Horam is a village situated in East Sussex, approximately 27 km (16.8 miles) north-east of Eastbourne and 25km (15.5 miles) south-west of Royal Tunbridge Wells via the A267.
The A267 provides good connectivity providing wider access to the East Sussex area and onward to the M25 Motorway with London just over 100km (62 miles) and accessible within 2 hours.
The nearest mainline station is 8.9km (5.5 miles) north-west of Horam at Buxted where there is a regular service into London Bridge taking 1hr 15 minutes. Alternative rail connections are available at Polegate or Uckfield Station.
Stagecoach Bus services provide a service through Horam to Eastbourne taking approximately 50 minutes.
The northern fringe of Horam touches the southern slopes of the High Weald Area of Outstanding Natural Beauty. The village is popular with families and retirees.
Summary
- NHS Doctors Surgery Investment
- Highly secure income – rent effectively underwritten by NHS England
- Low site cover
- Future potential for residential use, given the attractive residential location
- Passing rent £47,000 per annum
- Freehold
- Offers in excess of £560,000, subject to contract
- 8% net initial yield
Situation
Manor Oak Surgery is situated within an affluent residential area off the attractive Horebeech Road.
A Co-Op convenience store is located less than 0.5km (0.3 miles) from the surgery on the High Street in addition to a range of local independent retailers, cafes, a butcher, baker and greengrocer amongst others, all within walking distance. Waitrose and Sainsbury’s are only 3km (2 miles) in the neighbouring village of Heathfield.
Description
The property comprises a single storey, purpose-built doctor’s surgery of brick construction with a pitched roof, set back from the road accessible via an extended driveway.
The property consists of four consulting rooms, a room for the practice nurse in addition to a treatment room. The reception includes waiting room, admin, offices, WCs, staff room and additional space for storage.
Parking is available on site with 10 spaces.
Accommodation
The property has been measured by BKR Floor Plans and provides the following accommodation (gross internal area):
| Ground Floor | 289.01 sq m | 3,111 sq ft |
A set of floorplans is available to download and the measured survey will be re-addressed to a purchaser at a cost of £690 + VAT.
In addition, the floor areas were agreed at rent review at 286 sq metres with 10 car parking spaces.
EPC
The property has an EPC rating of D which is valid until 18th Dec 2026.
Rateable Value
Rateable value for the property is £14,500.
The business rates multiplier is 49.9 pence.
Tenure
Freehold.
Tenancies
The property is let to Drs David Wright, Elizabeth Gill, Fiona Stewart and James Oliver of Manor Oak Surgery on a full repairing and insuring lease for a term of 25 years from 29th September 2004, expiring 28th September 2029.
The current passing rent is £47,000 per annum. The lease benefits from 3-yearly rent reviews, the next review is due on 29th September 2025.
The current rent was agreed at the 29th September 2010 rent review; a nil increase was recorded at the 2016 rent review. The 2019 and 2022 rent reviews were not actioned by the freeholder.
Note that not all of the site is demised in accordance with the lease.
Covenant
Manor Oak Surgery is an NHS primary healthcare provider offering health and social care services. The surgery’s overall rating from the Care Quality Commission (CQC) is good (report is available to download).
The property is let to one individual doctor.
In accordance with The National Health Service (General Medical Services-Premises Costs) Directions 2024, the NHS reimburses doctors for their premises costs. Rent for GP practices is based on the Current Market Rent (see Section 5 of the Directions) set by either a District Valuer or RICS Surveyor to reflect fair market value
In effect, the rent is under-written by the NHS, thereby providing highly-secure income for an investor.
VAT
The property is not VAT elected.
Proposal
We are instructed to seek offers in excess of £560,000 (Five Hundred and Sixty Thousand Pounds) subject to contract, reflecting a gross initial yield of 8%.
Please note that a purchaser will be re-charged the costs of the searches (£1,076.41 + VAT) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.
Investment Considerations
Highly secure – rent effectively underwritten by NHS England;
Opportunity to acquire for potential residential development;
Attractive lot size for an investor;
Secure investment not impacted by consumer spending trends
Freehold;
A purchase at the asking price reflects an attractive net initial yield;
Secure and robust sector with growing demand due to aging UK population
Low site cover
Singer Vielle Finance Services
Contact our team if you are seeking senior debt, bridging finance or development finance.
Contacts
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Singer Vielle
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Vendor's Solicitor Firm
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