Craigard Continues to Spread its Net into the West Country with Acquisition in Bridgwater
Craigard has extended its holdings in the West Country through the purchase of Trelleborg Unit at Bridgwater in a deal worth £1.965 million.
Bought from the WH Smith Pension Fund, the 36000 sq.ft industrial/warehouse building was acquired for about £55 per sq.ft. With a very low site cover of 27%, the site has scope for building expansion and an excellent loading yard and car park. It’s also located in a highly prominent position just off the M5 at junction 23.
Trelleborg manufactures nylon seals for use in the aviation, marine, oil and Formula One industries. It has a local highly-skilled workforce of 120 people and has been in the building since it was constructed in the mid-eighties.
It is currently paying a rent of £5.75 per sq.ft - £207,858. Craigard has made the acquisition for a syndicate of investors, with an initial running yield of 10%. The building is considered to be at market rent.
Commenting on the purchase, Paul Foster of Craigard said: “This is a very good quality building that has been well maintained by the long-term tenant. We hope they plan to stay, as they are well settled in this location and, in fact, own the adjoining property. If they did decide to leave when the lease expires in 2018, we have a highly prominent, good-quality building in a strong local occupational market - so we are very comfortable with re-letting prospects.”
Cushmans acted for Craigard and Fineman Ross for the vendor.