Lynx Trade Park is now fully let thanks to Craigard’s latest deal. The final two units ( totalling 10,232 sq ft) have been let to Tapi Carpets & Floors Ltd at a lease of 10 years with a five-year break subject to a rent penalty. The annual rent is at a rate of £102,320, with 12 months’ rent-free incentive.
Having undertaken a full refurbishment of the property following tenant default back in 2018, this letting follows companies such as Tileflair, Rexel and Greggs who have also taken space. Bought back in 2014 as a sale and leaseback from the existing engineering company, this syndicate has been down quite a long road.
David Foster explains, “The asset was intended to be a steady income play but when the tenant got into financial trouble and went into administration, Craigard had to put plan B into action. We refurbished and sub-divided the property into smaller trade counter units. The site benefits from excellent prominence along Lysander Road, one of the main through roads in Yeovil, and we always knew this would be a strong attraction for trade-style occupiers.
This final letting brings this project to a close for now, which is fantastic news for the investors. We have been on a long journey with this asset and are fortunate that the industrial market has moved in our favour since we bought in 2014. This has allowed us to turn what was potentially a loss-making syndicate into a very profitable one. The likelihood is that now the work is complete, investors will look to exit the asset.”