It was multi-let to six tenants with an annual rent roll of £330,799. There was one vacant suite of circa 4,500 sq. ft.
In the early stages of ownership, for reasons outside of Craigard’s control, two tenants decided to vacate, leaving the building only around 40% occupied – this was not necessarily in the plan! Then in 2020, COVID-19 hit at the worst time for the asset. However, against all odds, Craigard managed to
let all the vacant suites within 18 months, bucking the trend of home working which proved the concept of high-quality office space being more desirable to tenants. Not only had Craigard got the building fully-let, but over the hold period had increased the annual rent roll to circa £470,000.
Since the building was now fully let and presenting well, the time came in 2022 to explore a sale which was promptly concluded at a price of £5.1million reflecting circa 8.7% net initial yield. After a six-year hold and having worked through the BREXIT fallout and then COVID-19, investors still saw a fantastic profit out of this asset which is testament to all the hard work that went into it.