Surprisingly, the building had failed to sell at auction which presented Craigard with an excellent opportunity
Over the duration of our ownership, we successfully implemented a number of asset management initiatives. This included agreeing a deed of variation with the tenant to remove their break, settlement of the rent review, and funding 50% of the cost of a new roof which significantly improved the overall building quality.
The asset was sold for £2,710,000 reflecting a 4.69% NIY. Timing of the sale was also opportune in a market that was quickly reacting to PM Liz Truss’ shock mini budget.
Over the hold period, which was circa four years, investors received an 80% profit on their original stake, as well as distributions received throughout.