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MedicX buys Cheshire development
The MedicX Fund, a specialist investor in modern purpose-built primary healthcare properties, has bought a development in Cheshire. The property will be a medical centre when it is completed in April 2008.
MedicX, through its MedicX Properties V, bought the centre for more than £8 million in cash funded by Oakapple.
The fund, which joined the Office List of the London Stock Exchange in November, will earn a licence fee during its development.
The initial rental income of the property will be more than £500,000 a year and has been valued by DTZ Debenham Tie Leung at £8.80 million net of 5.75% purchaser costs.
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