Late Summer Sunshine adds a Prism to Craigard’s Spectrum
Craigard has purchased 1650 Parkway, a 29,591 sq ft office building on Solent Business Park for £3.2million. Rebranded as Prism, the new purchase adjoins Craigard’s 100% let and fully refurbished Spectrum building.
Prism is to be upgraded with new air conditioning and enhancements to the entrance and reception area. “The site complements our successful Spectrum building and the two combined make a sound investment holding,” comments Paul Foster. “The previous owners were part way through a phased upgrade of the building fabric, and having consulted with the tenants, we are pushing onwards to conclude what is necessary to make this a very attractive and cost effective property which is in a great location with good parking. Another solid investment that we are confident will be as appealing to tenants as Spectrum. Indeed we already have terms out to a potential new occupier.”
“With the Summer now over, we are definitely seeing more opportunities in the market,” Paul adds. “Despite Brexit, our experience is that the occupier market is still buoyant but more focused. We have a couple more potential purchases in the pipeline at the moment, so watch this space.”
‘Prism’ has five tenants, currently bringing in a rental income of £330,799. There is only one remaining vacant suite of 4,696 sq ft.
Colliers acted for the seller and CBRE acquired the building for Craigard. CBRE and LSH have been retained as letting agents.