Craigard sells Eaglepoint in landmark deal
Craigard have sold Eaglepoint, its landmark office building at junction 9 off the M27, to Threadneedle.
The price of just over £4.6 million reflects an initial yield of 7.06% rising to 9.09% in 2017 when all stepped rents become payable.
Craigard acquired the property in December of last year at which time about 8500 sq ft. was vacant – some of which had been empty since the building was constructed about eight years ago. Craigard embarked upon a comprehensive upgrade of the reception and entrance as a result of which lettings were secured through the summer to Lorne Stewart and Portland Financial Solutions.
Paul Foster Managing Partner of Craigard Investments commented ‘The Portland and Lorne Stewart lettings and the reception upgrade created a bit of a market buzz around Eaglepoint. As a result, once the building was fully let, we received an unsolicited approach from Threadneedle at a price which our investors found compelling. This was not our business plan which was to hold for a while yet. The refinancing on offer was not that great so investors took the money – and at a 70% return in twelve months who can blame them! This project has gone beyond our wildest dreams – in sailing phraseology – we have had a gale force wind behind us, a spring tide under our chuff and we have managed not to broach! You do make your own luck in life but on this one everything we have done has come up trumps.”
Lambert Smith Hampton acted for Craigard on both letting and investment sale whilst Whitmarsh Holt Young acted for Threadneedle on their acquisition.