‘Beautifully refitted’ North London pharmacy sold within four weeks
A community pharmacy in North London that was “beautifully refitted” recently has been sold after only four weeks on the market, specialist broker Hutchings has said.
Parade Chemist in Green Lanes, Haringey, was sold for an undisclosed price "in excess of the guide”, Hutchings told C+D.
Read more: 'Very well-located' Welsh pharmacy hits the market with £1.5m asking price
The sale of the “great little pharmacy”, which was “beautifully refitted in recent years by the outgoing sellers”, was “agreed within just four weeks”, the broker added.
Hutchings said that this was a “strategic” purchase for the buyer that “tied in brilliantly with their existing pharmacy business”.
“Fantastic location”
While the seller remained anonymous, the buyer Aziz Atas is a “small independent operator from the locality”, Hutchings director Scott Hayton, who negotiated and oversaw the sale, told C+D.
The business, which dispenses about 6,500 items per month, “fitted in really well for him” and was sold “very quickly”, Mr Hayton said.
Read more: South Yorkshire 100-hour community pharmacy sold for ‘premium price’
He added that the pharmacy is “a really nicely fitted shop” with “really good” footfall thanks to its location on a “very busy road”.
“It's a fantastic location for any kind of private services and that kind of thing”, Mr Hayton told C+D.
Read more: ‘Impressive’ Lincolnshire pharmacy sold after ‘just three weeks’ on the market
“They'd had the really nice fit out done so it’s really nice and welcoming [and there’s a] nice consultation room in there, so it's set up for doing any of that going forwards”, he said.
“We wish both parties the very best in their respective business ventures going forwards”, Hutchings said.
Selling fast
It comes as St Peter’s Hill Pharmacy in Grantham, Lincolnshire, was sold after only three weeks on the market for an undisclosed price "in excess of the guide”, Hutchings said.
The “impressive” high-volume pharmacy dispensed almost 30,000 items per month at the point of sale and is based in a “sizeable” GP practice that became a “weekend hub” for patients, the broker told C+D.
Read more: Goodwill valuations: How much is my pharmacy really worth?
Meanwhile, broker Christie & Co announced yesterday (June 12) that a pharmacy in Wales has been put on the market with a £1.5 million asking price.
And last month, Hutchings’ annual report revealed that the number of pharmacy buyer registrations “rocketed by a colossal 202%” in the first quarter of 2023.
