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Avicenna seeks to sell freehold on 15 branches

The freehold on 15 pharmacies recently acquired by Avicenna will be up for auction next week. 

The pharmacies are among the 34 branches of Sheppards Pharmacy acquired by Avicenna for an undisclosed sum in a takeover announced in April.

The stores, which will be open to bids in an online auction on June 16, are located in areas including Abercynon, Aberdare and Pontypridd and have guide prices ranging from £50,000 to £490,000.

Avicenna is seeking to sell the freeholds on these properties to landlords to whom it will pay rent, chief executive Jonathan Power told Pharmacy Network News, explaining that the stores will remain under Avicenna management for at least 15 years.

Peter Mayo of Acuitus commented: “These are the first Sheppards Pharmacies, all on new RPI linked 15 year leases, to come to the market since the takeover and are expected to generate interest with private investors. Pharmacies performed particularly well during the pandemic and there are a growing number of investors looking to acquire properties of this type for the first time.”

This article has been amended since first being published.

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