Cash strapped council looking to sell off technology park

Cash strapped Somerset Council is looking to sell a technology park for £4m.

Property consultants Alder King have been instructed by the council to dispose of Taunton Technology Park.

Last month the local authority has approved £35m of funding cuts to services including recycling centres, public toilets and arts.

Somerset Council voted through a budget, which had faced a £100m shortfall.

It also included using £36m of council savings and selling off buildings to pay for day-to-day costs.

Alder King say the part-let investment is a rare opportunity to acquire an income-producing asset with redevelopment potential close to Taunton town centre.

Located off Lisieux Way on the eastern fringes of Taunton town centre, the complex comprises three industrial/office buildings, two of which are let, and two ancillary buildings.  In total, the buildings provide 98,435 sq ft of space and occupy a site of 5.95 acres.

Building 2 is let to Novanta Technologies UK Ltd.  Building 3 is let to Assura Aspire Ltd, a FTSE 250 listed real estate investment trust.

The property is occupied by Synlab, a leading provider of laboratory diagnostic services for many healthcare providers including the NHS.  Both buildings generate a combined annual rental income of £325,141. Building 1 and the ancillary conference and canteen buildings are vacant.

Andrew Maynard, partner at Alder King, said: “This is a unique opportunity to acquire a sizeable freehold property comprising existing buildings and land in central Taunton.

“The property offers an attractive income stream from Buildings 2 and 3 and offers scope to add further value through proactive asset management.  It also has strong development potential for the remaining buildings and land, subject to securing the necessary consents.”