Property consultants Alder King have been instructed by Somerset Council to dispose of Taunton Technology Park off a guide price of £4 million. The part-let investment provides 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.”
