News

Craigard lets newly refurbished Bermondsey warehouse to Fooditude

Commercial property syndicates specialist Craigard has successfully let a newly refurbished warehouse in a prime industrial location near the centre of London.

Craigard acquired 18 Manor Grove, Bermondsey in February 2023 and has since carried out extensive refurbishment work, enhancing the property’s ESG credentials.

Amenities at the 1,588.64 sq m (17,100sq ft) warehouse include ground- and first-floor offices, two roller shutter doors, under-canopy parking (four spaces), six-metre eaves, an internal loading bay and a recently replaced roof.

The property is located just north of the A2 Ilderton Road exit, offering strong connections to central London as well as to Junction 3 of the M25 and the M20 via the A20 eastbound.

Craigard co-invested in the property with a high-net worth UK private investor. They let it on a 25-year full repairing and insuring (FRI) lease.

The tenant is Fooditude, an office catering specialist that needed space for its restaurant-style central production kitchen.

Fooditude cooks up to 5,000 meals per day before delivering them to its client sites. The company is owned by Sodexo.

Craigard Managing Director David Foster said: “The fact we managed to let the property so quickly following completion of the refurbishment justified our decision to purchase the asset, as there was a lack of good-quality industrial space in the location.

“This lack of supply meant we could attain a strong rent for the property. Clearly, being so close to the West End and the City provides many opportunities and lots of customers for the occupiers.”

He added: “The tenant will be obtaining a BREEAM accreditation as part of their fit-out. This will help to make the building attractive for future investors when we look to sell it.”

The property was marketed by London-based Cogent Real Estate. Legal services were provided by City law firm Druces LLP.

Hampshire-based Craigard specialises in creating higher-yield commercial property investment opportunities for syndicates typically comprising around 10-15 high-net-worth investors.

The company uses its extensive experience and careful analysis of the commercial property market to identify innovative investment opportunities. It always co-invests.

Craigard specialises predominantly in office and industrial properties with excellent uplift potential – acquiring them, refurbishing them to a high standard, then letting and selling them. The sold syndicates produced an average annual return that exceeded 20%.

Craigard’s experienced team carries out the day-to-day work involved, removing the typical hands-on property management for syndicate investors.

The company is currently working on a series of commercial property syndication opportunities. For further information, please contact Craigard Managing Director David Foster, +44 (0)1489 880100, david.foster@craigard.biz