The Knight Frank Specialist Property investment team have sold Amathea Care Centre, Newlands Lane, Workington, Cumbria, on behalf of real estate investment company Aprirose to clients of Knight Frank Investment Management for £3.48 million at a net initial yield of 5.75%.
The 40 bed care home property is tenanted by Methodist Homes, with 26 years unexpired, at a rent of £212,257 per annum.
Gary Jones, Chief Operating Officer at Aprirose, commented: “The Amathea Care Centre offered a strong performing asset for Aprirose and whilst we have exited this asset, we continue to be active in the care home sector, looking for the right assets in the right locations that fit with our acquisitions strategy.”
Matthew McDonald, Knight Frank Investment Management, commented: “We felt the investment offered strong long income fundamentals, though priced attractively due to lot size. This profile fits well with the strategy for our Long Income Property Unit Trust”
Shaun Roy, Head of Specialist Property Investment, Knight Frank commented: “We are delighted to have acted for Aprirose on this disposal. We have been incredibly active across the sectors in the Specialist Property arena as the market continue to see value in the long term income streams sectored to operational businesses that are afforded in the sector. ”