Craigard Secures Quality Office Acquisition In The Heart Of Southampton
Mar , 12
Lease Renewal Secures Solid Income for Investors
Craigard has completed a lease renewal on the Trelleborg Unit in Bridgwater and in the process securing a 10% increase in annual rental.
The new deal is for three and a half years at a rate of £6.50 per sq. ft. The rental is reflective of the attractiveness of both the location and the building, combined with growing market rents in the area. “We were confident when we bought the site that we had a great quality building in a prominent location,” comments David Foster. “The current tenant also owns the adjacent building and has been in occupation since the 1980’s. We had discussions around whether to extend the building for the tenant, but we were unable to accommodate their long-term requirements as currently planned. The exercise did however, demonstrate that the building could be refurbished and sub-divided to offer very marketable modern accommodation should the tenant ultimately decide to leave. The reletting continues to build equity for our investors and ensures an even better return in the longer term.”
