Former North Eastern PH, Spennymoor DL17 7QT
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£2,100,000
Nov 2021
NorthCap has successfully acquired an adult care facility in Spenymoor on behald of Waypoint.
The property will provide an 18-bed vulnerable adult care facility over two floors and basement, with associated communal space, staff parking and landscape.
An agreement for lease has been signed by Durham County Council for a 15 year lease at an initial rent of £112,320 per annum on completion of the landlord’s works. The lease benefits from annual rent reviews referenced to changes in the consumer prices index and subject to a collar and cap of 1% and 4% respectively.
The property was sold for £2,113,000 reflecting a net initial yield of 5.00%.
