Craigard Secures Quality Office Acquisition In The Heart Of Southampton
Mar , 12
Craigard Secures Quality Office Acquisition In The Heart Of Southampton
Craigard is delighted to announce that it has acquired Kings Park House, which sits right in the heart of Southampton City Centre.
The 15,071 sq. ft. office building was substantially refurbished in 2017 at a cost of circa £2m and already provides good ESG credentials with an EPC B. The building was purchased for £2,125,000, which is a rate of £141 per sq. ft. and a NIY of 12.8%. “The building is fully let to four tenants for a further four years so this will provide a good income return for investors in the immediate future with limited risk exposure,” comments David Foster.
The building is in a great location close to Southampton Central railway station and many other amenities. It also offers high quality and flexible floorspace. “This acquisition underpins our belief that there is opportunity to buy quality office buildings with a future at discounted prices in todays market,” David continues, “There are not many offices in Southampton City Centre that actually offer space to meet tenant’s current needs and we truly believe that pricing will improve for these assets in future years. The building also provides easy opportunities to better its ESG credentials, which will further improve its market appeal.”
