Craigard Exits at Horsham
Craigard has sold Afon, its multi-let office building in Worthing Road, Horsham. The buyer is George House Developments of Haslemere and the price £4.14million.
Income from the property is currently £350523 with stepped increases rising to £388408. Initial yield is 8% rising to 8.87%. The building extends to four floors and 25418 sq.ft with 98 car parking spaces offering an excellent ratio 1:259 sq.ft.
Craigard acquired the building back in early 2007 with a couple of years of an unexpired term remaining to long term tenant BT. The lease end dilapidations claim was favourably settled. Additional equity was secured due to the recession and the building was comprehensively refurbished through 2010. Two pre-lets were secured and the remainder of the building has gradually let up.
Commenting on the sale, Managing Partner of Craigard Investments, Paul Foster, said: "This is a project that has spanned an entire recession and drawn on all of our skill sets. At the end of the day I am delighted that despite what happened in the property world, the remaining investors have all of their capital returned to them with a good yearly rate of interest and a small profit on top. That is a testament to both their patience through difficult times and our own dogged determination to turn this one around. George House has bought a very good quality building with excellent prospects for future growth and value enhancement. We wish them well with their new purchase."
Colliers acted for Craigard. Pearce and Co acted for the buyer