Another Success as Tamworth Asset Sold
Craigard is pleased to announce the sale of Units 5-8 Mariner Way, Tamworth to a local private investor for £2,125,000.
Craigard acquired the property, which comprises a total of c.28,400 sq.ft of industrial warehouse space across two units, back in 2017 for c.£1,300,000. At disposal, the property was let to two tenants, PCE and Convertall Limited, for a term certain of 4.23 years and generated a total income of £137,500 rising to £156,000 on commencement of a new lease to PCE Limited. Located in a core Midlands logistics location within the ‘Golden Triangle’ the property was situated in Lichfield Road Industrial Estate close to Junction 10 of the M42 and M6 toll motorways.
Over the course of its ownership, Craigard concluded a number of successful asset management initiatives, including the settlement of a lease renewal to PCE Limited, that resulted in a strong rental uplift from £75,000 to £93,500 per annum.
Matthew Barker of Craigard commented: “This is a great result for Craigard and its investors. Despite the sale coinciding with the market ‘drama’, we were still able to conclude this deal in a timely manner and realise yet another excellent result for our investors.”
Craigard was represented by Allsops.