Spectrum Continues to Shine for Craigard
Craigard has refinanced its Spectrum site on behalf of a syndication of investors.
A landmark office building situated in Solent Business Park, Spectrum totals just under 40,000 sq ft on three floors. It was originally purchased in October 2012, vacant and unloved, with Craigard raising the purchase monies in under a month.
Following a systematic remodelling of the building into a modern, energy-efficient facility, it was fully let by October 2015, just three years later. After rent frees expire, the rental income is set to climb to around £475,000 per annum.
“We offered our investors the opportunity to sell the property on conclusion of the initial business plan,” comments Paul Foster. “But after careful analysis, given it is newly refurbished and recently let the building is now a very attractive investment, with real prospects for rental growth, so investors decided to refinance it and hold for the medium term. The additional money we have raised has allowed our investors repayment of their original stakes plus interest. This is likely to be the first of a number of Craigard syndicate acquisitions where the property has prospects for future rental growth and investors will be offered the opportunity to retain the asset.”