Craigard Completes Fantastic office Letting at Chippenham within Eight Months
Craigard has again delivered a great result during some of the most challenging times for the commercial property industry by reletting its vacant office in Cornbrash Park within just eight months.
The property originally became available in December after Seimens vacated, having been in occupation since the property was constructed in circa 1990. Craigard then went about a comprehensive refurbishment to bring the space up to modern standards and has subsequently let it to Oakhouse Foods Limited at a fantastic rate of £15.00 psf on a five year lease with a three year break.
“A cracking headline rent and during the current climate, this really is a fantastic result,” comments David Foster. “We knew there was a lack of good quality supply around Chippenham so we invested heavily in producing a grade A building which has been immediately rewarded. Oakhouse had been looking for the right building for a long time and we are delighted Cornbrash Park fitted the bill.”
Craigard has also sold the last unit at Althea in Wellington Road Burton on Trent for £1.16m representing a yield of 6.13%. Craigard originally undertook a major refurbishment of the Althea complex back in 2006 and created five workshop/warehouse units that were let or sold to local businesses. This final unit was let to the current tenant Johnson Controls in 2007. After a second lease renewal and again seeing a significant lift in values in the sector a decision was made to sell. LSH Birmingham and Gadsby Nichols of Derby acted for Craigard.