Craigard has sold Block C Barnett Way, a 28,673 sq ft warehouse unit on a 1.4 acre site in Gloucester for £3.25million.
In 2018, Craigard made the investment, driven by the compelling fundamentals the unit offered. At the time of acquisition, the property was leased to Paragon, who later vacated. Craigard promptly embarked on a strategic refurbishment, focusing on key items such as improving yard circulation, optimising the internal warehouse space, and elevating overall curb appeal.
Interest in the unit was apparent during the refurbishment and within a short space of time, the property was sold to a locally-based owner occupier. “This was an excellent result where we were able to reach the right buyer at the right time,” comments Matthew Barker of Craigard. “The building perfectly aligned with their expansion requirements and the prospect of acquiring the Freehold, which was a rare opportunity, proved very attractive”.
Craigard’s decision to prioritise creating a more versatile and presentable unit through a controlled refurbishment programme resulted in remarkable returns being realised for the syndicate, “Another great Asset Management result for us” concludes Matthew.
Craigard was represented by CBRE and Alder King.