Central London pharmacy sold in ‘under six weeks’ to first-time buyers
A pharmacy in central London’s Zone 1 has sold in less than six weeks following “high demand”, pharmacy broker Hutchings Consultants has told C+D.
Kings Pharmacy, located “a minute’s walk from Regent’s Park”, was purchased by first-time buyers, the broker said today (March 20).
The pharmacy, whose sale was overseen by Hutchings, dispensed between 2,500 to 3,000 items a month, it added.
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The London pharmacy had “high growth potential” and was “perfect for a first-time buyer”, Hutchings said.
The pharmacy received nine viewings resulting in nine offers and “went from on-market to sale-agreed in less than six weeks”, it added.
Final price “over asking”
The exact price of the pharmacy was undisclosed, but Hutchings confirmed that the “final price agreed was over asking due to high demand”.
The seller, Vimal Shah, is an independent group owner who was “looking to downsize to focus on his other trading pharmacy units”, the broker said.
The first-time buyers who purchased Kings Pharmacy - named as B & H Virdee by Hutchings - have “already identified areas for growth”, it added.
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They said they are “keen to take on the challenge” of running their first pharmacy and to “explore the potential growth avenues” they have already identified for the central London business.
“Kings Pharmacy is a prime example of the continued demand for pharmacy, whether big or small, where scope for future development and growth can be identified,” Hutchings associate director Luke Williams said.
