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Craigard has sold its trade counter site at Yeovil for £3.85m.
The site, which Craigard acquired seven years ago, has undergone a significant transformation since it was purchased. Originally acquired as a steady income producing sale and leaseback, the original tenant got into financial difficulties as a result of Brexit. Quickly switching to plan B, Craigard refurbished the asset and split it into smaller trade counter units, which are now fully let to four tenants (Greggs, Tileflair, Rexel & Tapi Carpets) creating an income of £227,636 / £10.46 psf overall.
The sale reflects a 5.5% NIY, and was purchased by a private property company looking to acquire some industrial style assets.
“Given the unit’s prominent location to Lysander Road – one of the main arterial routes through Yeovil, it was an attractive site,” comments David Foster of Craigard. “After a long road. we’re very pleased that this has now been successfully completed and despite everything the asset and the world has thrown at us, we still managed to deliver a 15% annual return to the investors over a seven year hold.”