Prism - Purchased September 2016
Prism was purchased in September 2016, the fi rst acquisition for the portfolio post-Brexit. It adjoins Spectrum – one of Craigard’s other investments.
The purchase price was £3.2million with circa 10% net initial yield at £110 capital value per sq ft.
The property comprises detached brick built office premises constructed in 1991 totalling 29,591 sq ft.
The building is multi-let to six tenants over ground and first floors with one suite of circa 4,500 sq ft vacant on the ground floor.
The current annual rent is £330,799 per annum.
Following the purchase of the property, Craigard undertook immediate refurbishment of the vacant ground floor suite and the common areas to improve the image of the building. The vacant suite now has highly efficient LED lighting and a state-of-the-art heating and cooling system, subsequently reducing a potential tenant’s overall occupational running costs.
The asset is a medium to long-term hold as it is felt that there is growth in the current rental levels and yield shift once full occupancy is achieved.