Another Shrewd Purchase for Craigard in Bristol
Craigard has purchased two detached office buildings on the highly desirable Almondsbury Business Park in Bristol.
Purchased for £3,372,000, which reflects an 8.8% NIY, the two storey buildings total 17,952 sq ft and are fully let. One unit is let to David Wilson Homes, with the other to Wain Homes. David Wilson has occupied the building since December 2018 following a substantial refurbishment by the previous landlord, including new M&E. Its lease expires in 2028 with a break in 2024. Wain Homes moved in shortly after in 2019 occupying half of unit 2.
Almondsbury Business Park sits to the north of Bristol City centre, adjacent to the principle out of town office park in Bristol, Aztec West, and offers access to the M4 and M5 within 1 mile so it’s a strong office location given the access to the motorway network. Unusually for Craigard, a lot of the asset management has actually been done on these buildings following the previous owners complete refurbishment in 2017, which included the M&E.
“The asset gives us another steady income for investors, whilst also offering some future rental growth,” comments David Foster. ‘The buildings both present to a good standard, and we have strong tenants for whom the location works really well. In fact, Wain Homes, showed its commitment to the building right before our purchase by taking on the remainder of the building and signing a new 10-year lease with 5 year break at an increased headline rent on the whole property. Another great purchase for us to add to our portfolio.”