(Sharecast News) - Primary care property investor and developer Assura has reached legal completion on a development funding agreement for a £22m ambulance hub in the West Midlands, it announced on Wednesday.
The FTSE 250 company said the hub, let to the West Midlands Ambulance Service University NHS Foundation Trust (WMAS) on a 30-year lease with five-yearly rent reviews linked to RPI, would contain essential facilities for the hazardous area response team, a specialist equipment distribution warehouse, training facilities and space for 70 ambulances.
WMAS is the second largest ambulance trust in England, covering 5,000 square miles and serving more than 5.6 million people.
The ambulance hub would include photovoltaic panels, LED lighting throughout and a heat recovery system, and was expected to achieve a BREEAM rating of 'excellent', and EPC B.
It is being developed by Stoford Properties, with construction expected to take 15 months and rent commencing in the third quarter of 2022.
"The West Midlands Ambulance Service serves over 5.6 million people, providing critical front-line and patient transport services," said chief executive officer Jonathan Murphy.
"An effective and modern ambulance hub will be critical to the delivery of this essential service, and Assura, with its deep NHS and healthcare experience, is well positioned to provide the required space."
Murphy said the development was illustrative of the NHS's demand for "modern, specialist real estate" across its operations.
"The Covid-19 crisis has only increased this demand, and Assura is well placed to provide the specific infrastructure that this country needs in a post-Covid environment."
At 0828 BST, shares in Assura were up 0.74% at 74.65p.
Assura (AGR)30 May 2024 13:01