AXA Real Estate has bought the freehold interest of Manor Lodge care home in Chelmsford from Aprirose REI for £17.6m – a 4.75% yield.
The 112-room, 50,912 sq ft building is let to Care UK Community Partnerships for £890,788 pa on a term of 25 years.
Aprirose REI were unrepresented, Knight Frank acted for the purchaser.
Knight Frank’s recent Specialist Property research report forecasts that the volume of specialist property investment will exceed £10bn in 2015 and account for 20% of the total commercial market by 2020.
