Specialist business adviser Christie & Co has completed on the sale of Elizabeth House, a commercial property which is currently operated by Bupa Dental Care, in the heart of Castleford, within one month of marketing.
Comprising a three storey, modern property in a prominent town centre location with a ten year lease to Zeon Smiles, and the dental practice in situ operated by Bupa Dental Care, Elizabeth House presented a prime freehold investment opportunity with an exceptional covenant.
Previous landlord Mark Haigh had owned the freehold with his business partner for three years before deciding to sell to release equity.
He said: “Christie & Co were convinced they would achieve better results than other property agents due to their exposure to the healthcare sector. They achieved a premium result and proactively chased the deal through to completion in just a few short weeks. They were knowledgeable and professional and I would have no hesitation in recommending their services to anyone looking to buy or sell commercial property.”
The freehold was purchased by an experienced, bank-funded dentist who has purchased several freehold investments in the sector.
Jonathan Watson, director – Medical at Christie & Co who handled the sale, said: “The appetite for commercial real estate investment in the UK remains incredibly high compared to riskier equities in the market. Dental practices in particular are quickly becoming very sought after by investors due to the low rates of impairment and the security of NHS contracts, which are awarded in perpetuity.
“This sale allowed our clients to achieve a premium price for their property due to the strength of covenant; any commercial property owner with a corporate tenant, in the healthcare sector or otherwise, should take professional advice to understand the potential value of their asset. It was also refreshing to work with a motivated purchaser who worked with us to conclude the sale in just one month.”