Friarwood Surgery – Pontefract, West Yorkshire
Friarwood Surgery in Pontefract, a thriving purpose built practice was owned and occupied by eight partners, each at different stages in their career, with a varied age profile.
The partners of Friarwood Surgery wanted to eliminate some barriers to future recruitment, release equity, make the practice more attractive to future partners, and secure long term NHS England financial support. They instructed GP Surveyors to source appropriate investors for a sale and leaseback transaction, negotiate suitable lease terms and price, and organise the funding approval from NHS England.
Nikki Keeley, Business Manager of GP Surveyors was assigned to the project and managed the transaction from beginning to end. She ensured the key objectives of the partners were fulfilled in achieving an attractive sale price and having a selection of potential investors from which to choose their future landlord.
Kevin Duggan, Practice Manager of Friarwood Surgery comments, “We envisaged a hugely drawn out, complicated process. GP Surveyors provided us with expert advice and supported us throughout the process, providing a relatively uncomplicated, enjoyable and rewarding experience. The day to day communication with Nikki enabled us to be kept informed and have full visibility of the process
GP Surveyors prepared heads of terms after discussion with the eight partners at Friarwood surgery. Nikki Keeley worked collaboratively with alliance partners Capsticks solicitors LLP to prepare legal paperwork for the sale and leaseback transaction prior to marketing.
Lisa Geary, Partner of Capticks Solicitors LLP explains, “The key success factor in this transaction was GP surveyors collaborative approach and experience enabling the transaction to go forward and complete in the timeframe expected by all parties.”
GP Surveyors developed bespoke sales literature to formally market Friarwood Surgery to attract a suitable investor. Numerous offers in excess of the asking price were secured and GP Surveyors undertook due diligence including background checks on interested parties to assist the partners at Friarwood Surgery in reaching their preferred choice. The transaction was awarded to Assura plc, a leading long term investor in primary care premises.
Amanda Roddy, Investment Manager assigned to the transaction comments, “We were delighted to be selected as the preferred investment partner for Friarwood Surgery. GP Surveyors conducted a specialist marketing process, which we found efficient. GP Surveyors kept in regular contact to ensure the transaction progressed smoothly and quickly for all parties involved.”
The sale and leaseback transaction enabled the eight partners at Friarwood Surgery to remain in occupation, without the risks and responsibility of ownership. This enabled the release of capital and, crucially, the provision of flexibility for retirement and ability to attract new partners to the practice who might not want the capital exposure associated with buying into premises.