Nottingham-based Purchase Adds to Craigard’s Growing Portfolio
Craigard has purchased 58,000 sq ft of office buildings in Nottingham for just over £5million.
The buildings, 24,047 sq ft and 28,114 sq ft respectively, are based at the desirable Lakeside Court in Sherwood Park. Already fully let, the site produces an annual income of £534,811 and has some good benefits, including excellent transport links to the M1 and plentiful parking. One of the buildings is currently undergoing a refit by Highways England which has just taken a ten year lease, but upgrades are planned for the other building which will take place over the next two to three years.
“This is very much a long-term income and rental growth project for us,” comments David Foster. “With the properties already full let, we really want to focus on modernising the asset to make it an even more attractive proposition than it already is. These are great buildings, with an attractive yield already in place for investors, so the purchase showed obvious positives for us and I am confident that we will be able to bring about a healthy return for our investors, with an improved offer for our tenants.”
CBRE acted for Craigard and BNP Parabis for the seller.