The remaining vacant industrial unit at Craigard’s Tower Gate development in Huntingdon has been sold to an owner-occupier less than six months after the completion of a full-scale redevelopment.
The entire 2.75 acre site was acquired by Craigard in December 2019. At the time, the land comprised of a 56,000 sq ft warehouse, built in the 1970s. Craigard’s plan was clear – to redevelop the whole site, replacing the tired building with two modern, Grade A spec industrial units.
Following completion of the buildings in September 2022, a letting of the larger unit took place to Paragraf Limited before PC. Now the smaller unit has been sold to Airtech Advanced Materials UK Limited at a price of £2,675,000.
This sale is a well-received result for Craigard and its investors having taken the decision to speculatively develop as opposed to refurbishing the existing site. “There is little to no new stock in this area,” comments David Foster. “It was higher risk to completely redevelop, and it has not been without its difficulties with delays in obtaining planning, COVID implications and significant increases in built costs over the period, but again this is an example of our grounded asset management experience – we did our research and knew that the market was desperate for this type of stock. Disposing of this unit takes any remaining void pressures off us and will contribute to a profitable exit overall. We are pleased to have sold the unit to an owner occupier as that was a USP we offered – It simply ticked all the boxes for Airtech UK.”