Linea Deal Nets Tidy Profit for Syndication
Craigard has sold its Linea office investment just over a year after purchase for £3.725million reflecting an initial yield of 7.69%.
The 22,000 sq ft buildng, located on the primary business park in Fleet, was purchased for £2.8million in February 2015. At the time the building was 75% occupied by three tenants, but under Craigard’s active management the last suite was quickly let at taking the combined rental income to £303,339 (producing a yield on cost of over 10%). “Investors decided that the uplift in value created from the letting achieved, improvements made and general market movement was compelling and now was the time to sell. There were several partied keen as it is a nice investment with good potential for rental growth” comments Paul Foster. “We have made a nice profit on this deal and in such a short amount of time - just fantastic for our investors.”
Cushmans and Hurst Warne acted for Craigard and Lambert Smith Hampton advised the buyer