M Baker (Falmouth) Limited, advised by Savills, has purchased the freehold of Barnfield House, 2 Barnfield Hill in Exeter from M G Austin for £1.070 million, reflecting a net initial yield of 8.25%.

The property totalling circa 4,143 sq ft (384 sq m), is set across four floors and comprises a residential care home made up of 24 single rooms, together with a lounge, dining room, activities room, kitchen and garden. The premise is currently operated by Guinness Care and Support, which has 15 years remaining on a 25-year lease, and pay an annual rent of £93,600.

Andrew Main, director of investment at Savills in Bristol, comments: "Situated in the centre of Exeter in a quiet residential area, this is an ideal location for a care home. The continuing strength in healthcare market and good covenant at this property, makes this a key investment for our client."

MG Austin was represented by Barnfield Commercial.

distributed by