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Case Study

We are delighted to announce the completion of the first flexible shared ownership project under the innovative ZCap structure.

The project, a joint venture partnership between Salford Primary Care Together (SPCT) and funds managed by Alpha Real Capital LLP (Alpha) on behalf of the Greater Manchester Pension Fund (GMPF) (the Fund), provides a new state of the art primary care medical facility for the people of Little Hulton, Salford.

The primary care medical centre, which opened its doors in October 2020, provides the Little Hulton community with a new two-storey primary care centre for a number of GP Practices, together with extended primary care services run by Salford Royal Foundation Hospital.

The new development is jointly owned by SPCT and the Fund via a development company and leased back to SPCT over a 25-year lease term ensuring full control and ownership of the building. The centre is designed to meet BREEAM Excellent standards.

Castle Gate developed the ZCap® structure to respond to the market need for flexible shared ownership delivery structures particularly in the GP and primary care market.


“Castle Gate is delighted to have delivered the Little Hulton project for our NHS partners and Alpha. We look forward to the delivery of more projects using the ZCap® structure.”

David Gratrix, Director of Castle Gate Project

“We are delighted to have worked with both Castle Gate and SPCT to fund the development of a state-of-the-art primary care medical centre for Little Hulton, Salford. The Fund continues to align itself with the social real estate sector within the North West and seeks to make a positive social impact whilst achieving appropriate risk adjusted returns. This latest transaction demonstrates an innovative approach to create a high-quality long term investment for our client whilst establishing a best-in-class facility for the community of Little Hulton and SPCT.”

James Murray, Social Real Estate Portfolio Director for Alpha

“It has been rewarding working on such a worthwhile project that will bring access to new quality healthcare facilities for the community in and around Salford.”

Hilary Blackwell, partner at Trowers & Hamlins

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