Craigard Secures Quality Office Acquisition In The Heart Of Southampton
Mar , 12
Triple Success at Solent Business Park within a Month of Purchase
Following the purchase of 1450 – 1590 Parkway last month, Craigard has already completed three major lettings.
The ground floor of 1580 Parkway has been let to Portland Business & Financial Support, insolvency advisors, whilst 1490 Parkway has been let to facilities management company Corrigenda Ltd with an option to purchase. The break clause has also been removed from the lease with Matchtech at 1450.
There is some history between Craigard and Portland, which meant the fit was perfect, “Having previously taken space in another building we used to own, Eagle Point, they were more than happy to deal with us again,” comments David Foster. Their deal is a six year lease with a three year break at a rental of £14 per sq. ft., delivering a healthy return for investors. Corrigenda have taken a new five year lease with a third year break which includes the option to purchase in the first 18 months. The lease is at a rate of £13.50 per sq. ft. but was taken in an un-refurbished condition. “We are delighted to have secured these two lettings as quickly as we have. We were confident the buildings would be attractive to occupiers if packaged correctly and we have been proved right in that assessment. 1580 has undergone a significant refurbishment program as part of the deal to Portland and the space now presents very well.”
Lastly, at 1450 Parkway, which is let to Matchtech, Craigard has agreed to remove the break clause in 2021. “By doing this, we’ve secured the income from this property for at least another five years. It seemed a natural opportunity given that Matchtech has recently invested significantly in the building and are committed to the location. The deal provides benefits for both parties,” adds David Foster. “We’re delighted that the market has echoed what we felt about these buildings when we purchased them, and to have completed some key developments this early on is what Craigard is all about – using our extensive experience to maximise value through shrewd purchasing decisions.”
