A modern, three-storey, 22,000 sq ft office building, located on the primary Business Park in Fleet. The property was purchased by Craigard on behalf of a syndication of investors for £2.8m, reflecting a net initial yield of c. 8.25%.
At the time of purchase the building was approximately 75% let. Over a period of 12 months, the premises is now fully let to four tenants (Grass Roots Eventcom Ltd, Anite Telecoms Ltd, Verisk Analytics Ltd and PRMA Consulting Ltd), at a combined rental income of £303,339 per annum producing a running yield of c. 10%.
There were various upcoming lease events, therefore a discussion in respect of a potential sale of the property or to hold the asset in the portfolio took place with investors. It was decided that a sale of the building was the best line of action to cash in on the profit. The property was sold in March 2016 for £3.7million, reflecting a net initial yield of circa 7.75%. The investors secured a total return of circa 50% over a 15-month period.