Specialist business property adviser, Christie & Co, has announced the sale of a pair of freehold dental investments in Cumbria and Northumberland which took just seven weeks from launch to conclusion.
The properties occupy prominent trading positions in Wigton town centre in Cumbria and Darras Hall in Northumberland – the latter of which is generally regarded as the most expensive and exclusive area to live in the North East of England.
Both benefit from an exceptional healthcare covenant in Bupa Dental Care following their acquisition of the businesses in 2018. The freehold interests of the practices were owned by private landlords who decided to sell to release equity from their property portfolio and pursue other ventures.
The investments have been acquired by an experienced bank-funded dentist.
Jonathan Watson, Director at Christie & Co, who handled the sale, comments, “Despite a turbulent 12 months, the demand for UK real estate investment remains incredibly high compared with riskier equities in the market. Appetite in the needs-based healthcare sector is as strong as ever and there is particular focus on NHS dentistry as contracts are held in perpetuity.
“It was a pleasure to be involved in the sale of these two investment properties and refreshing to work with such a motivated purchaser who acquired both freeholds through a high-street lender in under two months.”
The freehold interests were sold off a guide price of £450,000 with the businesses unaffected.