Fantastic Success for Craigard in Solent Business Park
2019 was a fantastic first year for the Pavilions buildings (1490 - 1590) at Solent Business Park that Craigard acquired in late 2018.
Both Pineberry (1570) and 1580 Parkway buildings have been sold in deals totalling just over £2million. This just leaves 1490 and 1590, both of which are fully let but with upcoming lease events.
The four buildings known as the Pavilions were purchased by Craigard in 2018. Through shrewd identification of the potential value add for the assets, Craigard quickly divided up the buildings and looked at each individually, refurbishing and improving rental where possible.
“1570 was a vacant building which had received a basic refurbishment under the previous ownership, but we undertook some additional works and re-branded it in the market," comments David Foster of Craigard. "It is a perfect building for a small local company which wanted to own its own building rather than rent so we knew it would go at some point. That company was Hillcrest Property Development Limited, a local structural engineering firm, which has now purchased the building for its own occupation, relocating from Romsey."
"1580 Parkway was half vacant when we purchased it," continues David. "The vacant ground floor underwent a full refurbishment and a lease was quickly agreed with Portland Business & Financial Solutions Ltd within three months of purchase. In addition, a lease renewal to the Education Trust on the first floor was secured in early 2019 to set a new rental tone for the building. Being fully let at that point, it was deemed a good time to sell and following a low key marketing campaign, a sale was secured to Portland Business & Financial Solutions Ltd in late 2019. A fantastic result on both buildings and very happy investors as well as us here in the office.”
“This development has been a huge success so far,” adds David. “This is just the right kind of deal to really show off our skills, and these results are already returning profits to syndications. Having a strong understanding of the micro location and identifying the right product are key to the success of this syndicate to date."