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94.25 2.45 (2.67%)

Bid:

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Spread: 0.10 (0.106%)

Market Cap: £2.45b

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Primary Health Properties to develop first net zero carbon development

Mon, 11th Apr 2022 09:31

(Alliance News) - Primary Health Properties PLC on Monday said it has signed agreements for its first net zero carbon direct development in Eastergate, West Sussex, which will have a gross development value of GBP6.7 million.

Net zero carbon will be achieved by measuring, minimising and offsetting carbon from materials used during construction and enabling occupiers to operate the building with NZC emissions.

The development has been pre-let to both a GP practice and a local pharmacy for a 25-year term. Work is set to start immediately with practical completion expected in the second quarter of 2023, which will increase Primary Health's portfolio to 523 assets with a contracted rent roll of GBP141 million.

"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," said Chief Executive Officer Harry Hyman.

Shares in Primary Health Properties flat at 151.26 pence on Monday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com