Craigard Acquires Rivermead Business Park at Thatcham
Following a record summer of activity with major lettings and refurbishments at Eaglepoint and Spectrum and acquisitions in Southampton and Manchester, Craigard has made its third purchase in just three months.
They have acquired the ten unit Rivermead Estate in Thatcham for £1.85 million from UK and European Investments. Units are a mix of Trade Counter/Workshops/Warehouses and Offices from 1800-3000 sq ft so the estate is truly a flexible home to small businesses.
Initial yield is about 9.5% with scope to drive this to 11%. Tenants will also be offered the opportunity to buy their unit – a formula successfully rolled by Craigard at Minster Court in Littlehampton
Paul Foster Managing Partner of Craigard Investments commented ‘There is much work to do at Rivermead - there are many lease expiries coming up shortly which offer all sorts of opportunities for both the tenants and ourselves. Within the first week of ownership we have already agreed the first lease renewal and we are working on two or three others occupiers on various options. There are many improvements that we can make to the estate which has fantastic prominence to the railway station and inner ring road.
This deal has taken about two and half years to close from start to finish so we are chuffed to pieces to finally own the property’.
Deloitte Real Estate acted for Craigard and Lewis and Partners acted for the vendors. Deal Varney have been instructed as local agents.