In November 2019, the investment was marketed for sale by a UK Institution with an asking price of £3,600,000 (8.00% NIY)
At the point of marketing in late 2019 the impact of the global pandemic and lockdown coupled with the increased caution and feeling of uncertainty around the office sector was becoming more apparent. This was a market environment that was not assisting a successful disposal.
In early 2021 Craigard made contact with the vendors agent where it was confirmed that no proposals had been accepted. Quick to act, we undertook an inspection and following a short period of negotiation we made an offer of £3,100,000 which the vendor accepted.
The property is single let to Westbury Homes (Holdings) Limited for a further 2.4 years at an annual rent of £306,643 (£20.55 per sq. ft.) with estimated rental values currently around £23.50 per sq. ft. The Tenant had vacated the building and successfully sub-let the space to three established tenants with ranging covenant strengths.