Primary health centre developer close to breaking ground on Youghal site
The primary health centre model typically involves a developer like PHP building and owning a purpose-built medical centre and leasing it to the HSE for use by a mix of GPs and other clinicians.
Similar developments had been at a standstill in recent months as building inflation pushed construction costs ahead of HSE rent scales.
'The market has been challenging for three to four years because of build cost inflation and in has taken time for that (rents) to catch up,' Mr Davies said.
'Higher rents are capturing build cost inflation which has now stabilised.'
If the developer had not been able to agree rent terms, the entire tender process would go back to the start of the tender process with significant delays, he said.
Earlier this month PHP said it was eyeing €75m of investment in three new-build Irish medical facilities, amid signs that rent hikes are incentivising investment.
PHP is also in the process of executing an agreed merger with Assura, a UK peer operating in the same segment that has another two sites here in its development pipeline.
The PHP sites are closer to commencement, Mr Davies said, including projects in Donnybrook in Dublin and Enniscorthy, Co Wexford.
The UK stock market-listed business already has 22 properties in Ireland including in Dublin, Kildare, Wicklow and Cork, representing around 10pc of its entire business. The existing PHP portfolio in Ireland is valued at around £300m (€340m) versus Assura's £75m of Irish assets.
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The potential combination of PHP and Assura assets in Ireland will provide possible additional options to use the scale of a euro-denominated balance sheet to cut funding costs, Mr Davies said.
PHP's leases to the HSE and other government bodies account for around 75pc of income in Ireland, but tenants also include Laya, after the business made a €22m acquisition of the property housing the Laya Health & Wellbeing Clinic in Cork earlier this year.
Yesterday, PHP reported interim results for the six months ended June 30. They showed rising rents, profits and valuations across the business, Mr Davies said.
Net rental income in the first half of the year was £78.6m for the business as a whole, with 88pc of that from government bodies in the UK and Ireland.
PHP is pushing ahead with the proposed merger with Assura that has the backing of both boards.
The combination will create a UK Reit with a £6bn portfolio of long-leased, government-backed healthcare assets.
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