Craigard Sell at Chippenham
Craigard are delighted to announce the sale of the Beaufort Building, Vincients Road, Bumpers Farm Industrial Estate at Chippenham.
The building comprises a modern detached warehouse of just under 54,000 sq ft inclusive of two storey offices. The property was let to Meyer Timber from December 2011 at £220,000 per annum. The lease was on an FRI basis for 15 years with five yearly upward only rent reviews to the greater of market value or 2.5% per annum compound.
The buyer was Mayfair Capital Investment Management. The price was £2.93 million which represented a net initial yield of 7.07%.
Colliers acted for Craigard and Lambert Smith Hampton acted for Mayfair.
Commenting on the sale, Paul Foster, Managing Partner of Craigard said “this is a win win deal. We pieced this deal together as a joint venture with Meyer Timber at the tail end of 2011 and they are now trading very successfully from the unit. We were always comfortable that it was a sound acquisition but we had seen a very favourable yield shift in the market and so our syndicate of investors decided to take a profit. The investment still has a lot of legs and is a very solid purchase for Mayfair offering a good initial yield with some guaranteed stepped increases along with the possibility of real rental value growth.”