Craigard have assembled a syndicate of private investors to acquire the Store Twenty One unit in Pow St in Workington. The property is let for another 12 years at a rent of £125k per annum. It comprises of a six year old town centre store of modern clear span design extending to 10000 sq ft.
Craigard and Britax have concluded the sale of their Jewsons Depot on the West Portway Industrial Estate to Highcroft Investments Plc.
Over the last few months Craigard has seen a steady take up of space within AFON its newly refurbished office building in Horsham.
CMR Consultants (Ener-G) have taken just under 1600 sq ft on a 10 year term with a 5 year break, Paladin Capital have taken 620 sq ft on the ground floor on a 3 year deal and Capital consulting have taken 1620 sq ft on the top floor for a 5 year term. All of the deals have incentives but all have headline rental levels of £15 per sq ft.
Furthermore the Regus Business Centre within the building is training exceptionally well with explosion protection firm Pryoban taking the entire top floor of 2965 sq ft.
Craigard are undertaking a sub division on the top floor to allow two further smaller suites, one of 880 sq ft and one of 1620 sq ft. There also remain two suites of around 2605 sq ft on the ground and first floor. The building is 70% let within 15 Months of practical completion which is an outstanding result considering current market conditions.
Paul Foster managing partner of Craigard Investments, said "We are absolutely delighted with the take up of space at AFON in Horsham. It shows that quality counts in difficult times and AFON is definitely the best remaining space available in the town. The success of the Regus business centre is fantastically good news and we hope over the next few months the building will come close to full occupancy".
Crickmays of Horsham are retained as letting agents of the building.
Craigard have made their first acquisition for some 18 months in securing Minster Court in Littlehampton – an industrial/warehousing scheme constructed in the 1980’s and comprising 10 Units totalling 34,000 sq.ft. It is very well located on the towns ring road and only a couple of miles south of the main M27/A27 South Coast link road.
There are four vacant Units of about 3000 sq ft each which Craigard hope to let or sell. The opportunity has been given to existing tenants to buy a long leasehold interest which has been well received.
Already the estate has been given something of a facelift with new signage and planting.
Paul Foster, Managing Partner of Craigard Investments, said “It is refreshing to be back in the market after such a sustained period of economic uncertainty. We believe Minster Court is an astute acquisition that will prove to be very successful over the next few years”.
Drivers Jonas acted for Craigard.
Craigard Investments LLP has completed the development and letting of a new Jewsons Superstore on the West Portway Industrial Estate in Andover.
The Unit comprises a 20,000 sq.ft. Store with a substantial yard, totalling 2.50 acres. The Lease is for 25 years with 5 yearly rent reviews on an FRI basis and the rent is calculated based on £7/sq.ft. on the building an £1/sq.ft. on the excess yard over and above a normal 40% site cover.
Paul Foster, Managing Partner of Craigard Investments LLP, commented “It is pleasing to finally conclude this development. We first appraised the site in February 2005 and, although it seemed a simple project at the time, it proved to be a complicated project to pull together and conclude It’s completion is a real testament to the determination, flexibility and application of our team. The Unit offers Jewsons a fantastic trading outlet with superb prominence overlooking one of the main roundabouts on the western Ring Road of the town. They should trade extremely well from this location”.
Craigard have sold Unit 5A at their Althea development in Burton on Trent to the tenant Garden for Less for a figure of £775000.
Craigard have acquired the Beaufort Building on Bumpers Farm Industrial Estate in Chippenham Wiltshire alongside a syndicate of private investors.
Acquired at a price of £2.25 million the building has been simultaneously let to Meyer Timber Ltd for 15 years at £220000pa with five year yearly upwards only rent reviews to either open market rental value or 2.5% per annum index linked. The price represents 9.25% initial yield.
The building comprises a modern detached single storey warehouse of 54000 sq ft approx with an 8% office content and standing on a large secure yard of 2.72 acres. The building is about 20 years old and has a 7.1 metre eaves height.
Craigard have previously assembled selective joint venture partners to conclude acquisitions but this is the first time they have used a wider high net worth investor syndication structure. Commenting on the acquisition Paul Foster managing partner of Craigard said "This looks to us to be a very sensible investment at an attractive price which we think should perform well over the next few years. The syndication structure was a new experience for us but it has been a good one and we expect it to be the first of many."
JP Elliott advised Craigard, Jones Lang LaSalle advised Meyer Timber Ltd and Budworth Hardcastle and Alder King advised the vendors.
Craigard Ailsa's building within the Links development on Solent Business Park is now fully occupied.
Acquired in 2007 the building offers a total of 9275 sq ft on three floors. Craigard have reconfigured the space and suites range from as small as 526 sq ft up to 3066 sq ft. There is a full provision of car parking of one space per 265 sq ft. The building has raised floor access, category II lighting, a passenger lift, toilets and kitchens on each floor and good natural lighting.
Craigard have worked through a very difficult letting market over the last three years and have taken a totally flexible approach to lettings from a traditional leasing arrangement with tenant breaks through to a fully inclusive package with "all in" rates and service charge.
As a result the building is now fully occupied with six tenants some of whom have grown into larger suites from initial set up.
Paul Foster, Managing Partner of Craigard said "Ailsa has taken a lot longer to let up than planned but you have to accept there has been a deep recession out there. The fact that we are fully let justifies our confidence in the location and the flexible approach we have taken to lettings. The building now gives us a good yield for the future plus a home for our own business".
Lichfield International Freight Limited have assigned their lease of Unit 5a at Althea to Garden4less, the adjoining owner of Unit 4.
Robert Osborne of Garden4less, commented “Our business is growing steadily and strongly and we see this acquisition as a long-term reinforcement of our confidence in this location”.
Paul Foster of Craigard Investments said “We are delighted that Garden4less have taken further space at Althea and wish them well for their long-term expansion plans”.
Althea is a project completed by Craigard Investments in 2007 and comprises 105,000 sq.ft. of industrial/warehousing accommodation. Craigard retain ownership of Units 5a and 5b, the remainder of the property having been sold to owner/occupiers including Lichfield Freight and Garden4less.
Althea brochure (PDF 1.72MB)Craigard Investments LLP and Ryon Properties have let the last Unit at ‘Althea’, which comprises a total of 105,000 sq.ft. of production and warehousing space in an excellent location at Wellington Park in Burton on Trent.
The last unit, Unit 5a, comprised 22,597 sq.ft. and has been let to adjoining occupier, Lichfield International Freight, as on over-spill warehousing facility. Lichfield Freight purchased three units of an earlier phase of the Scheme in 2007.
Paul Foster, Managing Partner of Craigard Investments LLP, commented “It is pleasing to conclude the letting and sale activity at Burton on Trent in what is an increasingly difficult occupational market. The early stages of the Scheme were an outstanding success with four out of six units sold on practicable completion. The remaining two are now let to Lichfield Freight and Johnson Controls and are showing us a healthy return to help us ride the difficult, current recessionary times”.
Althea last unit brochure (PDF 1.72MB)