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News Release

London

Jones Lang LaSalle secures funding partner for flagship healthcare development in Chester for total consideration of £18.5million

Acted on behalf of Watkin Jones Group


London, 28th February, 2014 –  Acting on behalf of the Watkin Jones Group, the Healthcare team at Jones Lang LaSalle has successfully forward funded a modern, purpose built health centre in Chester city centre for a total consideration of £18.5million with Primary Health Properties PLC (PHP). 

The landmark building at Gorse Stacks on Delamere Street in Chester will comprise a high quality NHS integrated resource centre to be known as ‘The Fountains’ accommodating various NHS facilities, a pharmacy and four GP Practises who are relocating from existing premises in Chester. The medical centre will be fully let on a single lease for 25 years, agreed by West Cheshire Health Consortium and the NHS.

The building will form part of a larger development incorporating a new 3,000 m2 office building and separate building accommodating 42 luxury apartments with subterranean car parking for over 450 vehicles within the prime central business district of Chester.  

James Hanson, Lead Director of the Healthcare team at Jones Lang LaSalle, said: “Acting on behalf of Watkin Jones Group, we are pleased to have successfully structured and funded this landmark building on their behalf with Primary Health Properties in spite of the various complexities of working with such a wide range of parties particularly during the transition from Primary Care Trust’s (PCT’s) to Clinical Commissioning Group’s (CCG’s). Credit has to go to Watkin Jones Group who financed much of the development costs of this bespoke building.
 
“Chester will soon reap the benefits of having state of the art integrated medical facilities fit for the 21st Century. I hope that in the future many other communities will also have the opportunity to benefit from such facilities, but recognise whilst such aspirations are rife the sources of capital to fund such schemes and mutually acceptable structures remains something of a holy grail”
 
Simon Lovell, Development Director at Watkin Jones Group, commented: “Watkin Jones is delighted to have worked closely with the Jones Lang LaSalle team using their expertise to secure the funding deal and look forward to delivering a unique, high quality development over the next 12 months.”
 
The medical centre is under construction and is expected to reach completion by the end of 2014.