Craigard has sold two of its units at the Swingbridge Trading Estate for a combined £1.415million.
The two units, currently occupied by trade kitchen supplier Howdens and windows, doors and conservatory specialist Eurocell, were sold at Auction following successful lease renewals back in February this year. While this purchase represented one of Craigard’s more stable investments when it was acquired in 2018, it managed to achieve notable rent increases of 15% (Howdens) and 30% (Eurocell), ultimately bringing them into line with the areas rental tone.
The decision to sell proved a well-timed exit. Interest for both units was very strong with Eurocell achieving its guide price and Howdens successfully realising more than its £800,000 guide price, following competitive bidding.
Matthew Barker comments, “After successfully completing our asset management efforts, we decided that the auction route was the optimal choice, considering lot size and accessibility to the private investor market. The results were very favourable, highlighted by Howdens achieving a 5.8% NIY. A great conclusion all around that now allows us to direct our focus and efforts towards actively managing our remaining holdings on the estate.”
Craigard sold via Allsops Auction team.