Craigard has purchased five self-contained office buildings at Solent Business Park.
Located in Whiteley, between Southampton and Portsmouth, and with excellent links to the M27, the buildings range from 5,039 sq. ft. to 17,751 sq. ft. The largest building of 17,751 sq ft (1450 Parkway) is headquarters to local engineering recruitment firm Matchtech. Its current lease is for 10 years, with a break in 2022, at an annual rent of £275,140 pa. Matchtech has recently undertaken a significant refurbishment of the building, showing significant commitment to the site and location. “Matchtech is a major occupier in Solent Business Park, with several other offices on the site,” comments David Foster of Craigard. “We are delighted to have taken on a property with a fantastic, proactive tenant, with the obvious longer-term income for our investors. There are asset management opportunities for us from such a site, which is why we felt it was a good opportunity.”
The smaller office buildings (1490, 1570, 1580, and 1590) are known as ‘The Pavilions’, and are a mix of vacant and occupied properties ranging between 5,000 sq. ft. and 6,000 sq. ft. each. Two buildings are fully vacant, one is in need of refurbishment and the other is fully refurbished. Another building is 50% let to CBFT Education Trust until 2019, with the final one fully let to British Telecommunications limited until 2020. “Craigard decided to invest in The Pavilions as they offer something different to other buildings on the park in that they are smaller and therefore suit individual businesses to occupy, as opposed to being part of a larger multi-let building,” David adds. “The vacant space will be rebranded and we are planning to offer these buildings to let or for sale individually to owner occupiers, as opportunities to buy such buildings are limited at present.”