Southampton-based Craigard Investments LLP has kicked off 2008 with the acquisition of a 26,000 sq ft office unit in Horsham, West Sussex. The deal is worth £3.9million.
Craigard Investments purchased the space, comprising of four floors and approximately 100 parking spaces, for its prominent position and excellent transport links. The site, Enterprise House, is still let to BT until March 2009, when the property will be refurbished and available to let. The rental income is currently £340,000 per annum, which is showing a yield of 8.25%. Craigard were represented throughout the purchase by local agent Marshall Clark LLP, who will be teaming up with agents Crickmay Chartered Surveyors for the re–letting of the space. Crickmay also represented the Vendor, a Dublin based property company.
The development sees the first purchase in a joint venture between Craigard and Patton Group, a family–owned construction and development company based in Northern Ireland. This venture allows Craigard to expand its portfolio further, and Patton the chance to break into the UK market and expand their portfolio further.
“The development has great transport links to London and Gatwick Airport, and with BT as a current tenant, will be a fantastic site for let,” commented Managing Partner of Craigard, Paul Foster. “Patton Group has a lot of experience in the Northern Irish market, and their experience and investment means we can target more ambitious projects, will be key to Craigard during 2008.”
“Other occupiers in the area include Royal & Sun Alliance, Horsham District Council and Jim Beam brands, so the benefits of the site are clear,” added Stuart Clark of Marshall Clark. “The building offers the opportunity for let as a whole or by floor, and the flexibility of this building is a key feature. After refurbishment, it will offer top, grade–A space, a rare commodity within Horsham.”
For further enquiries regarding this property, please contact Stuart Clark at Marshall Clark on: 01903 236599.