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Craigard has purchased the 34,250 sq. ft. Cornbrash Business Park at a price of £2.95million (10.54% Net initial yield).
The site, which comprises of four detached office buildings and three industrial units was purchased from Amberside Investments and is currently fully let. However, two of the office buildings will become vacant within the next twelve months and will require full refurbishment and re-letting.
“This park gives us huge potential for the right kind of asset management,” comments David Foster. “We’re ideally placed to provide this, due to our hands on approach. This site not only has an ideal location, but we know the local market is buoyant. Two of the units are due to become vacant in the near future, so we will be taking the opportunity to refurbish these, and reposition the assets within the market, which should allow us to increase the rental tone of the whole park. We’re delighted with the purchase and look forward to delivering fantastic returns for the syndicate supporting this.”