Why Yorkshire's shrinking pharmacy market is 'good for communities' according to property director

According to data from the General Pharmaceutical Council, there are currently 1,149 pharmacies, both independents and corporate chains, across Yorkshire.

Mr Booth said: “It’s been well documented that Lloyds, Boots, Rowlands and Well, are all selling pharmacies.”

He added: “However, a good chunk of those have been sold into the independent market, which is good for communities.

"The independents have always had an edge on the corporate sector when it comes to good service.”

Mr Booth was speaking following the publication of Christie & Co’s latest pharmacy market review, which revealed a 0.3 per cent fall in the number of pharmacies across the UK in the 12 months to the end of March 2023 to 14,328.

In 2022 Christie & Co sold seven Yorkshire pharmacies, excluding corporate disposals, with a combined sale value of £6.03m.

So far in 2023, it has sold four in Bradford, Bridlington, Barnsley and Bingley for a total of £4.1m.

"I think the figures show there’s a very strong market in Yorkshire,” Mr Booth said. “That’s born out of the fact that we’re selling more smaller units than we have in previous years.”

He added: "In 2019, the sweet spot of the market would have been a pharmacy with a £1.5m guide price. Now the most appetite from our buyers is £500,000 to £1m.

"There’s still a market for higher tariff pharmacies. The sale of the pharmacy in Bridlington in the last quarter was seven figures. But the most robust bit of the market is up to £1m, either first time buyers or existing pharmacy owners.”

Unsurprisingly the most popular properties, Mr Booth said, are those in large towns and cities.

"There will be a bun fight for anywhere within striking distance of Sheffield, Doncaster, Rotherham, Leeds or Bradford where you’ll get multiple offers,” he added.

Looking ahead, Mr Booth said where there are chimney pots there would always be a place for pharmacies.

"I’ve never bought into online pharmacies personally,” he said. “There are some very successful operators but people want to go to the pharmacy, they want to speak to a pharmacist in person.”

He said the Leeds office of Christie & Co was still “very busy”. The property adviser was recently appointed to sell 34 pharmacies owned by Whitworth Chemists across the north of England.

However, there is an element of uncertainty as the market looks to the Government’s five-year funding deal for NHS pharmacy services in England, which is coming to an end soon.

“A new funding deal would be a shot in the arm to the market,” Mr Booth said.