Craigard has sold units 10-14 Pipers Lane in Thatcham for £3.3million – achieving the projected five year business plan return in only 18 months.
The site has been sold to Cordatus Real Estate GP Limited for £3.3m (5.4%) following an off market approach from them as an adjoining property owner. “We set a new rental tone with our last letting of unit 12, which makes this site highly attractive as a reversionary asset,” comments David Foster. “In addition, this is a case where we’ve seen the full effect of market shifts in value, and after a lively debate, the entire offer from purchase to sale was thought too attractive to turn down. Our investors are delighted with this result, as are we. The deal also works really well for Cordatus as it increases its overall lot size in the location. There remains a shortage of available space and there are good prospects for rental growth.”
Molyneux Rose acted for Cordatus.