Press Release
Primary Health Properties acquires modern health facility in Cork for €22m
March 6, 2025
CBRE Ireland alongside H Property are delighted to have advised Primary Health Properties (PHP) on the acquisition of a modern Health and Wellbeing Clinic and offices in Little Island Cork.
The property which is fully occupied and let to Laya Healthcare (a subsidiary of Axa) was acquired for €22m representing an attractive equivalent yield of 7.0%. The lease has 12 years unexpired with fixed rental uplifts in 2027 and 2032.
The property serves as a bespoke urgent care and diagnostic facility. It has been subject to a comprehensive, tenant-led, €5.5m fit-out which was project managed on Laya’s behalf by Axis PHP, the company’s team in Ireland.
Commenting on the sale Brian Edwards from CBRE Cork said 'This is one of the largest regional investment transactions of the year so far and brings PHP investment in Cork to over €50m over the last 18months.'
The property which is fully occupied and let to Laya Healthcare (a subsidiary of Axa) was acquired for €22m representing an attractive equivalent yield of 7.0%. The lease has 12 years unexpired with fixed rental uplifts in 2027 and 2032.
The property serves as a bespoke urgent care and diagnostic facility. It has been subject to a comprehensive, tenant-led, €5.5m fit-out which was project managed on Laya’s behalf by Axis PHP, the company’s team in Ireland.
Commenting on the sale Brian Edwards from CBRE Cork said 'This is one of the largest regional investment transactions of the year so far and brings PHP investment in Cork to over €50m over the last 18months.'
About CBRE Group, Inc
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.