Craigard Select Launches with Purchase in Thatcham
Craigard has purchased a 31,000 sq ft industrial estate at Pipers Lane in Thatcham for £2.2million.
The site, a terrace of five units, currently has one vacant space of 6,500 sq ft. The current rental income totals £143,000, a yield of £6.1% rising to 8.05% when fully let. Built around 1990, the units are very functional with excellent yard areas. Craigard plans a gradual cosmetic refurbishment of the claddings and an overhaul of the roof over the next few years.
The site is part of a new investment concept that Craigard is adding to its portfolio. ‘Craigard Select’ is designed to focus on robust, sensibly-priced assets located in the ‘Craigard Crescent’ – outside the M25 from the South coast around London to Peterborough. “By focusing on these properties, Craigard Select plans to provide steady income returns on lower-risk purchases, but the emphasis moves to a longer term hold period and rental growth, rather than executing a business plan and then selling the property,” comments Paul Foster. “Aside from Craigard Select, we will continue to seek successful syndications for a variety of properties in national locations, of varying risks. Craigard Select will sit alongside these as another managed syndication. As ever, we will make a financial investment alongside our investors.”
Deal Varney acted for the vendor and have been retained as letting agents.