SOUTHAMPTON commercial property developer Craigard Investments has struck a joint funding deal with Royal Bank of Scotland to buy up £50m worth of industrial and office space in the region.

The brainchild of former IM Properties executive Paul Foster, pictured, Craigard has only been in existence for two years but has already had some notable success, not least the £5.5m deal for Avalon - a 110,740 sq ft unit in Eastleigh's Boyatt Wood Industrial Estate.

The business, backed by national property heavyweights Atkins Properties and Deeley Group, has racked up £65m worth of property investments before its second birthday.

Now it plans an "aggressive acquisition campaign", with a target of some five to six major projects of between £3m and £10m over the next 12-18 months.

Paul, who returned to his south coast roots to set up Craigard after 14 years as estates director at IM Properties, is already eyeing up potential targets across the region.

The funding will primarily target the south coast, but will also look into developments throughout the UK, and see Craigard focusing on a niche area of purchasing, re-letting and selling vacant or short-term lease industrial and office units.

The two organisations are now celebrating the £15m sale of their first project together - Celtica, a 375,000 sq ft building near Leeds.

Paul said: "The funding will be integral to the growth of the company, and there are many potential opportunities available in both the local south coast market, and also throughout the UK. With my previous experience in property development, and the initial projects where we have worked together in Sherburn and Eastleigh, it is clear that this partnership can be very successful."