Craigard has completed another investor business plan with the successful sale of units 1 and 2 Kestrel Road, Trafford Park for £2.4million.
Reflecting a net yield of 6%, the site was originally purchased in 2013 at auction. During that period, Craigard undertook various asset management programmes to add value. The long term commitment to unit two was secured with SGS Testing by removing the break clause in their lease and a new long term lease was agreed with Steamforged Games Ltd last year following the vacation of Johnson Controls. The total annual rent from the buildings is now £152,900.
“We’re delighted to have completed the original business plan for our investors,” comments David Foster. “Given the fact that the industrial investment market is strong, the decision was taken to sell as we’ve added as much value as possible to the site for the time being. Another strong sale and positive outcome for this syndication.”