First net-zero carbon direct development for PHP
London-based primary health facilities investor Primary Health Properties (PHP) has signed agreements for its first net-zero carbon (NZC) direct development. It will be one of the UK’s first NZC healthcare buildings, company said.
The development will be a new purpose-built facility in Eastergate, West Sussex, with a gross development value of £6.7 million.
The site has been 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.
Harry Hyman, chief executive of PHP, said: “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 £163 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.”
Work is expected to commence imminently with practical completion expected in the second quarter of 2023.
Date published: April 11, 2022