Following from the purchase of the Trellborg Unit in 2015, Craigard’s sights have again been set on Bridgwater with the purchase of a 38,505 sq ft warehouse complex on 3.9 acres of warehousing and yard land on the Bristol Road.
The purchase, worth £2,350,000 represents an initial net yield of 8.44% but mainly offers a fantastic refurbishment opportunity. The current tenant, Travis Perkins has operated its break clause and is vacating the site in April 2019 to be closer to the Town Centre.
As a result, the supporting land provides much flexibility, as David Foster explains: “We have a high risk speculative refurbishment opportunity with this site, which we have decided to complete in two phases. Phase one will be to repair, refurbish and break down the existing building into smaller units, which can be marketed individually. We will then look at the surrounding additional land and either market as is, or as a pre-let design and build opportunity. The flexibility of this purchase means we can use our comprehensive market knowledge to design something that bespoke to occupier demand.”
The site also benefits from great transport links to the M5 motorway, as well as amble space for parking. The current rental income from Travis Perkins sits at £210,000 per annum.
BNP Parabis acted for Craigard and GVA for the seller.