Demand for pharmacies priced under £1 million remains strong across the Midlands, according to property adviser Christie and Co
Manns Pharmacy in Carlton, Nottinghamshire, has been sold to a first-time buyer for an undisclosed sum, property adviser Christie and Co has revealed.
The community pharmacy, which dispenses an average of 2,800 items per month, was owned by Gurinder Singh Mann for over 20 years. He decided to sell the business to facilitate his retirement, the broker said.
Leicester-based pharmacist Ravi Bansal, who had long aspired to own a pharmacy, purchased the business with the help of an unsecured loan from Christie Finance.
Carl Steer, Director – Pharmacy at Christie and Co, who managed the confidential sales process, stated that they had also completed the sale of Mann’s Mapperley branch the previous year.
Steer said: “We have been working with and advising Mr Mann for some years, so it is nice to bring another sale to completion for him following the sale of his Mapperley branch last year.”
Steer noted that there is a demand for “sub £1 million pharmacies” across the Midlands, but “correct pricing” has become an important aspect of the current market.
Joe Carden at Christie Finance, who helped secure funding for Bansal, disclosed that 80 per cent of the purchase price was financed through an unsecured loan, enabling her to complete her first acquisition.
“Ravi is a very experienced pharmacist and owning a pharmacy had been a goal of hers for some years, so it was a delight to assist her in this purchase,” Carden said.
Carden emphasised that lenders are eager to support first-time pharmacy buyers and the chances of loan approval are higher if applicants provide detailed information.
“Lender appetite is strong for first-time pharmacy purchasers; however, detailed information is key for a successful application.
“The more a lender can understand the applicant, their experience, and how they are going to run the pharmacy, such as what new ideas they’ll implement and how they manage the business day to day, the higher likelihood of approval,” he added.
A standard-hours community pharmacy, Manns is located in the residential area of Carlton, a suburb north-east of Nottingham city centre, between the suburbs of Mapperley and Gedling.
