YORK property firm The Helmsley Group has expanded its portfolio into Nottingham for the first time through a £3 million deal to acquire a health centre.

The Monks Cross-based business has invested the sum in the purchase of Mapperley Park in a move described the by the firm as diversifying its long term investment projects.

The deal to acquire The Nuffield Wellbeing Centre marks a debut for The Helmsley Group in the Midlands city, and takes the business’s portfolio to 58 properties, worth more than £128 million of investors’ funds and no borrowings.

The latest deal is for a building with 15 years remaining on the lease, and was completed after a competitive bidding process.

Edward Harrowsmith, associate director at The Helmsley Group said: “We’re always looking to diversify our portfolio and this represents an excellent long income investment.

“The deal offers fixed rent review uplifts for our investors in the Nottingham region and is secured against a Nuffield Health covenant.

“The leisure sector is an attractive investment at present due to longer income streams and the property offers a good spread of risk in an excellent location for our £128 million strong portfolio.

“Mapperley Park is an affluent residential suburb of Nottingham and is a key sporting destination - the building is in the same complex as the Mapperley Park golf, football and cricket clubs.”

The Nuffield Wellbeing Centre is a next generation wellbeing facility, with GP consultation and physiotherapy rooms, nutrition coaches, sauna and ice room as well as an indoor pool, café and gym facilities.

The Helmsley Group dates back 36 years and continues to acquire syndicated investment property across the UK for its clients, with other investments recently acquired in Northampton, Salisbury and York where the company is based.