International law firm Trowers & Hamlins has advised on the completion of the first flexible shared ownership project under an innovative ZCap® structure.
The project, a joint venture partnership between Salford Primary Care Together (SPCT) and funds managed by Alpha Real Capital LLP (Alpha) on behalf of the Greater Manchester Pension Fund (GMPF) (the Fund), is set to deliver a new state of the art primary care medical centre for the people of Little Hulton, Salford.
The primary care medical centre will provide the Little Hulton community with a new two-storey primary care centre for four GP Practices, together with extended primary care services run by Salford Royal Foundation Hospital. The development, funded by the Fund, shall be leased back to SPCT over a 25-year lease term. Construction of the new centre will start in August 2019 and is scheduled to complete in late summer 2020. The centre is designed to meet BREEAM Excellent standards.
Castle Gate developed the ZCap® structure to respond to the market need for flexible shared ownership delivery structures particularly in the GP and primary care market.
David Gratrix, Director of Castle Gate Projects, said: “Castle Gate is delighted to have delivered the Little Hulton project for our GP partners and Alpha. We look forward to the opening of the new facility for the patients in Little Hulton, and to the delivery of more projects using the ZCap® structure.”
Liz Cross, Chair of SPCT said:
“We are really proud to be delivering this new building for the Little Hulton community and it’s incredibly exciting to now reach the point when construction will start. This facility has been a long time in the planning and local residents have had the opportunity to contribute their ideas and thoughts throughout this time. We hope they have a real sense of pride in seeing this new modern, high quality facility starting to take shape.”
James Murray, Social Real Estate Portfolio Director for Alpha said:
“We are delighted to be working with both Castle Gate and SPCT to fund the development of a state-of-the-art primary care medical centre for Little Hulton, Salford. The Fund continues to align itself with the social real estate sector within the North West and seeks to make a positive social impact whilst achieving appropriate risk adjusted returns. This latest transaction demonstrates an innovative approach to create a high-quality long term investment for our client whilst establishing a best-in-class facility for the community of Little Hulton and SPCT.”
Hilary Blackwell, Trowers & Hamlins partner who led on the legal work for the project said:
"It has been rewarding working on such a worthwhile project that will bring access to new quality healthcare facilities for the community in and around Salford. We are looking forward to seeing the completed development."