Buyer found for prominent town centre building

The freehold of a three-storey, town centre commercial property in Castleford has been sold off.

Elizabeth House, currently operated by Bupa Dental Care, was on the market for a guide price of £700,000 for its freehold interest. It includes a ten-year lease to Zeon Smiles, and the dental practice in situ operated by Bupa Dental Care.

The freehold was bought by an experienced, bank-funded dentist who has purchased several freehold investments in the sector.

Specialist business adviser, Christie & Co, completed the sale within one month of marketing the property.

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.”

Jonathan Watson, Director – Medical at Christie & Co, handled the sale. He 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.”