Craigard sell their Jewsons at Andover
Craigard and Britax have concluded the sale of their Jewsons Depot on the West Portway Industrial Estate to Highcroft Investments Plc.
Developed by Craigard in 2009 the building extends to 19346 sq ft on a large prominent ring road site of 2.43 acres (18% site cover).
The entire property is let to Saint Gobain Building Distribution Ltd on a lease expiring in 2034 at a passing rent of £185000 per annum. There are five yearly upwards only rent reviews.
The price paid of £2.725 million reflected a net initial yield of 6.41%.
Commenting on the sale Craigard managing partner Paul Foster said "This project has been a real labour of love – I first saw the site in late 2005. We knew that Jewsons were keen on the site but we have hit obstacles in concluding the scheme at every step. It is a testament to the tenacity of our team that the project was finally developed. We are grateful to Britax for their assistance in the re-gearing negotiations that were undertaken to allow the two interests to be sold side by side thus offering Highcroft a clean long leasehold interest at a peppercorn rent".
BNP Paribas real estate acted for Craigard. Jones Lang LaSalle acted for Highcroft. DTZ acted for Britax.