01480 213811

DENTAL INVESTMENT SOLD BY BEST AND FINAL OFFERS

Barford + Co have announced the sale of an investment property at 60 Mill Green, Warboys. The property comprised a detached dental surgery let to Petrie Tucker and Partners Ltd, part of a leading dental group that showed turnover in 2013 in excess of £65m with pre-tax profits in excess of £5m.

The tenant was committed to a 15 year lease expiring 2024 with a break option in 2019 and upward only reviews in 2014 and 2019. The passing rent was £15,000 per annum exclusive of outgoings.

Howard Westgate, Associate Director at Barford + Co, handled the marketing and sale of the investment and commented “With a tenant of such significant covenant strength we were overwhelmed by the level of interest this opportunity generated. As such, we went to best and final offers which far exceeded our expectations and achieved a price which, taking into account purchasers costs, equated to a net initial yield of 5.7%”.

Mr Westgate concluded “As a consequence of our marketing of this investment, we are aware of a good number of local and national investors who are active in the market at present. We will therefore be delighted to speak to anyone who is considering selling an investment at the current time”.

Click to go to topTOP