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Craigard has achieved the sale of Phase 2, Units 1 to 3 Cornbrash Park, Chippenham for the price of £1,910,000, representing 5.10% NIY.
Cornbrash Park was purchased in 2019. The site is made up of a mix of office and industrial units. Since this, Craigard has undertaken various asset management initiatives to improve the site. Primarily, the most important one of which was to secure a lease extension from the Council, which is the freeholder. In early 2021 this was successfully negotiated, meaning the whole estate was then secured on a new 150 year headlease.
The original business plan was always to sell the phase 2 industrial units off once the lease had been extended. The industrial element comprised of three modern separate units all around 5,000 sq. ft and was fully let to three different tenants.
There was also a need re-position the estate in the market, which Craigard did through re-branding.
“The sale price achieved was well in excess of what we expected when we first bought the asset so the result for the investors has been brilliant,” adds David Foster of Craigard. “They were nice units with good fundamentals though, so we were always confident they would be well received in the market.
We are now concentrating on the remaining office element of the estate. We have already undertaken a successful letting of unit 4 and are now undertaking a full refurbishment of unit 3 which comprises circa 10,000 sq. ft. and is being sub-divided into smaller units of circa 1,500 sq. ft. available to let or for sale.”