Acting on behalf of Hurlingham Capital, property consultants Alder King have sold the freehold of 23 The Crescent in Taunton to the Edinburgh-based investment firm RM Funds. The property was sold for £510,000, reflecting a net initial yield of 7%.
The property is a substantial four storey building fronting The Crescent. The original Grade II listed building dating from circa 1800 was extended in the 1980s. Elements of the building were remodelled in 2018 to create eight high quality residential apartments with the existing orthodontic surgery remaining on the upper ground floor. The apartments were all sold on long leases.
The orthodontic surgery is let to OrthoWorld on a lease from 2021 at an annual rent of £35,000.
Andrew Maynard of Alder King said: “We are pleased to have finalised the sale of this healthcare investment to a specialist fund with a portfolio of other healthcare and social infrastructure assets including GP surgeries, medical centres, student accommodation, senior living and aged care.”